@_StevenCameron Failing eyes Steve mean I have to stare in a sort of manic way to see things close up..🤣. Obviously looking forward to some additional consultations.🥳
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Pete Glancy
266 posts
Pete Glancy
@PensionsPete
Head of Policy, Pensions & Investments @scottishwidows. Interested in Pensions, Savings, Investments, Personal Finance and fairness in financial services.
Aberlady, Scotland Katılım Haziran 2020
968 Takip Edilen768 Takipçiler
2nd time in Parliament in 2 weeks. Last week commemorating 100 years of occupational pensions with the PLSA, hosted by Sir Stephen Timms. This week sharing thoughts with Sara Weller and MAPS hosted by Baroness Altmann. Very busy pensions policy agenda at present.
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The great tax deferment was wrongly labelled by some as the great tax ‘give away’, the main giveaway from the reforms to LTA and especially AA was the increased IHT benefit. Looks like Govt might have spotted and plan to close the last ‘give away’ loop hole.
Josephine Cumbo@JosephineCumbo
Govt proposals could impact ability to inherit pensions tax free. ftadviser.com/pensions/2023/…
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Fantastic to present Lauren with such an important award. Retirement is such an important issue to so many people and informative consumer journalism is such an important ingredient in helping people optimise their standard of living in later life. Well Done!! 👍🥇
Headlinemoney@Headlinemoney_
Pensions Journalist of the Year winner @laurenalmeida_l (Consumer) collect their trophy from category sponsor @ScottishWidows at #HMAwards23 🏆
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Such an important category - keeping key stakeholders informed on issues which impact tens of millions. Well Done Laura!! 🥳
Dave Brooks@PensionsDave
Congratulations @Blowsie84
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Great coverage of an important report which we hope will help Government, Employers and the industry to consider the challenges at a more granular level, making remedies more specific and effective.
GB News@GBNEWS
'There's just over a third of people who won't have enough pension income to make that basic standard of living.' Head of Policy at Scottish Widows, Pete Glancy, discusses a report revealing that one in three face poverty in retirement.
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This is the richest and most comprehensive report we have done to date. We explore who is on track for a comfortable retirement and who will struggle. Knowing more about the nature of the challenge means that Govt, employers, and the industry can deploy more targeted remedies.
IFA Magazine@IFAMagazine
Detailed @ScottishWidows report finds one in three Brits facing hardship in #retirement ifamagazine.com/article/detail…
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@__JackBarnett @CityAM Whilst stronger pound is based on predictions of higher relative UK inflation and therefore higher relative interest rates, stronger pound should make things like imports and energy cheaper + help reduce inflation provided the benefits feed through to consumers and business users
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Flip side of all this UK debt market volatility... Pound has reached its highest level against the US dollar in more than a year, hovering around $1.27. Far cry from the record low hit after Liz Truss's mini budget - in @CityAM
cityam.com/pound-hits-hig…
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Delighted that #pension #popstar @MyMoneyAlive could pop into @ScottishWidows today - #tech #chat #pensions
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@RobCochran1874 @darren_philp ….and find out where to go to great red wine which represents VFM…🍷
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Looking for something to fill an hour that will inform, educate and entertain on the thorny topic of #valueformoney
This live podcast recorded in front of a live audience might be just the ticket.
Featuring @DARREN_PHILP @PensionsPete
hosted by me - enjoy
podbean.com/pa/pbblog-gx94…
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Great event in Parliament tonight with TISA. Great and thought provoking presentations from Robert Gardner and Jasmine Birtles. Main take - listen to all arguments from all perspectives and seek consensus on action. #TISA
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I wonder if Stamp Duty on new homes was paid to local authorities (preceded by a compensating reduction in central Govt funding to local authorities), whether treatment of planning applications might change? 🤔
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Launch of the IFS pensions review project this evening. Setting out scope at this stage with outcome expected after the General Election. Adequacy, self employed and the role of home ownership all in scope. Don’t feel such a lonely voice on the role of home ownership these days.
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Inflation hits 10.4% thanks to continued supply side pressures. Can remedies designed to treat demand side led inflation do the job on their own, or do we need success on dealing with supply side pressures too? Which of the following could make the biggest difference? Views?
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Pensions are taxed as deferred income ie you pay the income tax later in life when you take the money out. Allowing people to save more will reduce tax receipts in the short term, but should greatly increase them in the longer term, especially as the tax free bit is now frozen.
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@tim_siddle I agree Tim and expect the tax treatment of pensions upon death will be next thing up for review. Seems inevitable.
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This is a fair take on it but I still think an “unlimited” pot is unwise politically. Gives the wrong impression. Of course there is a theoretical limit because of the 60k per annum limit, but that doesn’t help - particularly for VERY wealthy people who use this as an IHT dodge.
Pete Glancy@PensionsPete
If Jeremy Hunt is successful in persuading high earning professionals to stay in employment longer, they will pay more tax. If they build up bigger pension pots they will then also pay more tax. Excuse the very Janet and John example - but surely its a win/win if he succeeds?
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@CHar101091 I think in that example, he’d have had 40% relief on the way in, and pay 40% on the way out, so no income tax benefit there. The Chancellor has now frozen TFC at £268k (25% of the current LTA) - so nothing above current £1.07m is tax free - so no tax benefit there either.
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@PensionsPete In this example it’s win/win but what about Steven that’s able to build a pension pot of £2.5m by the time he’s 55, he’s now able to retire as planned but has an extra £1.5m tax free.
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If Jeremy Hunt is successful in persuading high earning professionals to stay in employment longer, they will pay more tax. If they build up bigger pension pots they will then also pay more tax. Excuse the very Janet and John example - but surely its a win/win if he succeeds?
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@dan_mccurry Ah - got it now. There are only 2 income tax breaks in pensions. 1) 25% TFC, but thats been frozen. 2) People who drop a tax band when they retire. My point is that few people with a pot of £1m+ are likely to now have an overall retirement income below £50k, so no tax break.
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@PensionsPete My point is that a lot of people will get a tax break who hadn't retired. They are continuing to work anyway. This means the Treasury loses income.
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@dan_mccurry Hi Dan, if I’ve got the jist of your question wrong, please come back to me. If you’ve built up a pension pot of £1m+, then your private pension income is likely to be c£45k, +income from other investments, +State Pension later on. You’ll be taxed on the total. (some at 40%)
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@PensionsPete But what about all those people who were working and now don't have to pay tax? Surely this is a massive loss of tax revenue?
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@WillJAitken @DuncanLamont2 I think people with £1m+ pots who are able to save materially large amounts at 40% relief, will almost certainly still be paying 40% on their retirement income, including their pension. Because Jeremy Hunt has frozen TFC those additional savings won’t get an income tax benefit.
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