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Budget 2018
Comments
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I might be missing something but just because there will be no new ones doesn't mean that the existing debts disappear does it?A-R-T-H-U-R said:Why is no one celebrating the end of PFI's?
So NHS Trusts etc will still be hampered by existing debt therefore not a lot to celebrate as far as I can tell.4 -
You are aware how much it would cost to buy out these ridiculous PFI projects?
Most were for 25/30 years and seeing as the first will be available for the Government to take from right now, I would have thought it was a pragmatic way of exiting these millstones over Government finances.1 -
Well that's one way of looking at it. I'm guessing your glass is half empty?LenGlover said:
I might be missing something but just because there will be no new ones doesn't mean that the existing debts disappear does it?A-R-T-H-U-R said:Why is no one celebrating the end of PFI's?
So NHS Trusts etc will still be hampered by existing debt therefore not a lot to celebrate as far as I can tell.
The celebration is that this Tory/New Labour party sponsoring, fat-cat benefitting bollocks has been stopped. So no new ones. Yes, of course the existing ones carry on to their conclusion, but I just cant believe no one has passed comment on the fact that a ruinous concept that should have been axed decades ago has finally gone.0 -
No way that anyone is going get a £1m pension pot under the current system. As a giver rate earner which is likely how you can afford to tuck £39k a year into your pension, you get taxed in the way in and in 3/4 on the way out (maybe at a lower rate).
I guarantee of the 25% tax free staying either.
Lot of comoanies prepared to hand over the pension matching they used to do into your oh packet so you can invest the taxed income.
Think it’s a very silly way of going about changing the rules meself0 -
Agree. They were pretty criminal. And all off balance sheet so not included in the debt and deficit figures.A-R-T-H-U-R said:Why is no one celebrating the end of PFI's?
They were used by both parties so I'm not trying to make a political point. But those who signed them off should all have been investigated for either corruption or incompetence. No sane person with any grasp of 1+1 could ever think they were a good deal for the taxpayer.4 -
I'm in a DB scheme can you explain for the uneducated what you mean?golfaddick said:
just the opposite. many of my clients have problem enough with what is already going in contractually (NHS scheme) & often unknowingly breach the AA.Rob7Lee said:
Now Austerity has ended no needgolfaddick said:Surprisingly there was no changes to the Pensions Annual Allowance or the Lifetime Allowance (apart from the increase in line with CPI to £1.055m). It was mooted that the AA would be cut from its current £40k level and/or the tapered amount would drop from the current £150k level.
bloody annoying......would have given me a reason to ring all my clients.
- probably next year then. Can't you ring them all and advise 'fill up quick'?
This is to anyone out there that is in a defined benefit scheme......do yourself a favour & read up what constitutes your annual allowance......its not what you or your employer contributes !!0 -
Until the experts arrive with a proper/correct answer.cantersaddick said:
I'm in a DB scheme can you explain for the uneducated what you mean?golfaddick said:
just the opposite. many of my clients have problem enough with what is already going in contractually (NHS scheme) & often unknowingly breach the AA.Rob7Lee said:
Now Austerity has ended no needgolfaddick said:Surprisingly there was no changes to the Pensions Annual Allowance or the Lifetime Allowance (apart from the increase in line with CPI to £1.055m). It was mooted that the AA would be cut from its current £40k level and/or the tapered amount would drop from the current £150k level.
bloody annoying......would have given me a reason to ring all my clients. - probably next year then. Can't you ring them all and advise 'fill up quick'?
This is to anyone out there that is in a defined benefit scheme......do yourself a favour & read up what constitutes your annual allowance......its not what you or your employer contributes !!
On a DC scheme the annual allowance is set at 40k and thats what can be paid in. Simple. I believe a DB scheme it's the amount of defined benefit you can build up each year. Or another way of putting it, the growth of the value in the benefit.
It generally only causes a problem with a large pay rise/promotion, but probably happens more than people realise.
Have a look here at example 3 of someone exceeding it:
http://www.sppa.gov.uk/Documents/Taxation/AA Examples.pdf0 -
I think this thread speaks volumes of this being perceived as a “good” budget with the lack of the usual suspects venting their spleen about the rich getting richer etc I’m not going to pretend to understand it all but from what I do, it looks a very fair budget to me.2
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I think it might be worth checking if your spell checker is still working! :-)Alwaysneil said:No way that anyone is going get a £1m pension pot under the current system. As a giver rate earner which is likely how you can afford to tuck £39k a year into your pension, you get taxed in the way in and in 3/4 on the way out (maybe at a lower rate).
I guarantee of the 25% tax free staying either.
Lot of comoanies prepared to hand over the pension matching they used to do into your oh packet so you can invest the taxed income.
Think it’s a very silly way of going about changing the rules meself1 -
No idea if it’s allowing for a good deal, no deal or bad deal. Whatever, the projected drag on GDP works out at around 0.16% p.a over a number of years say 10/15.cabbles said:He predicts growth of 1.6% next year, are they basing that on getting a deal from Brexit, a extended transition period or no deal Brexit?
Compare to the recent drag over 10 years of over 1% pa. and explain why Remainers are manning the barricades over a possible 0.16% when it will be affected by a butterfly flapping its wings in Timbuktu.
The same independent forecasters predicted the current deficit would be £60bn higher today than it actually is.
Forecasts are essential but cannot build in what can’t be foretold and work on a balance of probability basis, not an insight into the unknown. It’s as reckless to act on them as gospel facts as it is to ignore them as pure conjecture.
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Remainers might be remainers even if they were promised loads of money as a result of leaving.Dippenhall said:
No idea if it’s allowing for a good deal, no deal or bad deal. Whatever, the projected drag on GDP works out at around 0.16% p.a over a number of years say 10/15.cabbles said:He predicts growth of 1.6% next year, are they basing that on getting a deal from Brexit, a extended transition period or no deal Brexit?
Compare to the recent drag over 10 years of over 1% pa. and explain why Remainers are manning the barricades over a possible 0.16% when it will be affected by a butterfly flapping its wings in Timbuktu.
The same independent forecasters predicted the current deficit would be £60bn higher today than it actually is.
Forecasts are essential but cannot build in what can’t be foretold and work on a balance of probability basis, not an insight into the unknown. It’s as reckless to act on them as gospel facts as it is to ignore them as pure conjecture.
Not every issue is about money.2 -
Similarly many leavers are happy to accept a small reduction in GDP growth as a price for leavingseth plum said:
Remainers might be remainers even if they were promised loads of money as a result of leaving.Dippenhall said:
No idea if it’s allowing for a good deal, no deal or bad deal. Whatever, the projected drag on GDP works out at around 0.16% p.a over a number of years say 10/15.cabbles said:He predicts growth of 1.6% next year, are they basing that on getting a deal from Brexit, a extended transition period or no deal Brexit?
Compare to the recent drag over 10 years of over 1% pa. and explain why Remainers are manning the barricades over a possible 0.16% when it will be affected by a butterfly flapping its wings in Timbuktu.
The same independent forecasters predicted the current deficit would be £60bn higher today than it actually is.
Forecasts are essential but cannot build in what can’t be foretold and work on a balance of probability basis, not an insight into the unknown. It’s as reckless to act on them as gospel facts as it is to ignore them as pure conjecture.
Not every issue is about money.
GDP by itself is misleading anyway. If your population is rising you need GDP growth just to stay still.0 -
The only Remain protests I see are about the UK being worse off, I assumed that meant money was the issue. GDP has no direct relationship with money in your pocket it’s an accounting figure, so you are right GDP is an irrelevancy to voting in or out. Try telling that to the hordes wanting another referendum.seth plum said:
Remainers might be remainers even if they were promised loads of money as a result of leaving.Dippenhall said:
No idea if it’s allowing for a good deal, no deal or bad deal. Whatever, the projected drag on GDP works out at around 0.16% p.a over a number of years say 10/15.cabbles said:He predicts growth of 1.6% next year, are they basing that on getting a deal from Brexit, a extended transition period or no deal Brexit?
Compare to the recent drag over 10 years of over 1% pa. and explain why Remainers are manning the barricades over a possible 0.16% when it will be affected by a butterfly flapping its wings in Timbuktu.
The same independent forecasters predicted the current deficit would be £60bn higher today than it actually is.
Forecasts are essential but cannot build in what can’t be foretold and work on a balance of probability basis, not an insight into the unknown. It’s as reckless to act on them as gospel facts as it is to ignore them as pure conjecture.
Not every issue is about money.
Must say, I havent seen any protest marches arguing the EU is a better constitution to be governed by.
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You are so assualted by the myriad reasons why Brexit is a supremely bad idea, that you stopped trying to tackle them ages ago. Even the Wooferendum dogs are serious, their ability to accompany their owners to the mainland is threatened. Which is a fairly serious problem if the dog is a service dog and not just a pet.Dippenhall said:
The only Remain protests I see are about the UK being worse off, I assumed that meant money was the issue. GDP has no direct relationship with money in your pocket it’s an accounting figure, so you are right GDP is an irrelevancy to voting in or out. Try telling that to the hordes wanting another referendum.seth plum said:
Remainers might be remainers even if they were promised loads of money as a result of leaving.Dippenhall said:
No idea if it’s allowing for a good deal, no deal or bad deal. Whatever, the projected drag on GDP works out at around 0.16% p.a over a number of years say 10/15.cabbles said:He predicts growth of 1.6% next year, are they basing that on getting a deal from Brexit, a extended transition period or no deal Brexit?
Compare to the recent drag over 10 years of over 1% pa. and explain why Remainers are manning the barricades over a possible 0.16% when it will be affected by a butterfly flapping its wings in Timbuktu.
The same independent forecasters predicted the current deficit would be £60bn higher today than it actually is.
Forecasts are essential but cannot build in what can’t be foretold and work on a balance of probability basis, not an insight into the unknown. It’s as reckless to act on them as gospel facts as it is to ignore them as pure conjecture.
Not every issue is about money.
Must say, I havent seen any protest marches arguing the EU is a better constitution to be governed by.
What great new ( restored) constitutional freedom will you personally be looking to take advantage of on 30.3.19? How will it revitalise your impoverished serf -like life?
Serious question.
And while we are at it, since free trade was as I recall your previous big Brexit thing, how are the deals coming along? Toga, or was it Tonga, in the bag yet?0 -
Have you missed the Irish border issue as one example?Dippenhall said:
The only Remain protests I see are about the UK being worse off, I assumed that meant money was the issue. GDP has no direct relationship with money in your pocket it’s an accounting figure, so you are right GDP is an irrelevancy to voting in or out. Try telling that to the hordes wanting another referendum.seth plum said:
Remainers might be remainers even if they were promised loads of money as a result of leaving.Dippenhall said:
No idea if it’s allowing for a good deal, no deal or bad deal. Whatever, the projected drag on GDP works out at around 0.16% p.a over a number of years say 10/15.cabbles said:He predicts growth of 1.6% next year, are they basing that on getting a deal from Brexit, a extended transition period or no deal Brexit?
Compare to the recent drag over 10 years of over 1% pa. and explain why Remainers are manning the barricades over a possible 0.16% when it will be affected by a butterfly flapping its wings in Timbuktu.
The same independent forecasters predicted the current deficit would be £60bn higher today than it actually is.
Forecasts are essential but cannot build in what can’t be foretold and work on a balance of probability basis, not an insight into the unknown. It’s as reckless to act on them as gospel facts as it is to ignore them as pure conjecture.
Not every issue is about money.
Must say, I havent seen any protest marches arguing the EU is a better constitution to be governed by.
I would say objections by remainers are wide ranging.0 -
Oh God here we go again...…
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Thank you. Very interesting.Rob7Lee said:
Until the experts arrive with a proper/correct answer.cantersaddick said:
I'm in a DB scheme can you explain for the uneducated what you mean?golfaddick said:
just the opposite. many of my clients have problem enough with what is already going in contractually (NHS scheme) & often unknowingly breach the AA.Rob7Lee said:
Now Austerity has ended no needgolfaddick said:Surprisingly there was no changes to the Pensions Annual Allowance or the Lifetime Allowance (apart from the increase in line with CPI to £1.055m). It was mooted that the AA would be cut from its current £40k level and/or the tapered amount would drop from the current £150k level.
bloody annoying......would have given me a reason to ring all my clients. - probably next year then. Can't you ring them all and advise 'fill up quick'?
This is to anyone out there that is in a defined benefit scheme......do yourself a favour & read up what constitutes your annual allowance......its not what you or your employer contributes !!
On a DC scheme the annual allowance is set at 40k and thats what can be paid in. Simple. I believe a DB scheme it's the amount of defined benefit you can build up each year. Or another way of putting it, the growth of the value in the benefit.
It generally only causes a problem with a large pay rise/promotion, but probably happens more than people realise.
Have a look here at example 3 of someone exceeding it:
http://www.sppa.gov.uk/Documents/Taxation/AA Examples.pdf0 -
As someone who produces forecasts for a living I enjoyed that last paragraph. Is it your own or are you paraphrasing someone else? I might write something similar on the board by my desk.Dippenhall said:
No idea if it’s allowing for a good deal, no deal or bad deal. Whatever, the projected drag on GDP works out at around 0.16% p.a over a number of years say 10/15.cabbles said:He predicts growth of 1.6% next year, are they basing that on getting a deal from Brexit, a extended transition period or no deal Brexit?
Compare to the recent drag over 10 years of over 1% pa. and explain why Remainers are manning the barricades over a possible 0.16% when it will be affected by a butterfly flapping its wings in Timbuktu.
The same independent forecasters predicted the current deficit would be £60bn higher today than it actually is.
Forecasts are essential but cannot build in what can’t be foretold and work on a balance of probability basis, not an insight into the unknown. It’s as reckless to act on them as gospel facts as it is to ignore them as pure conjecture.0 -
Yes.....but its more complicated than that. Simply put the AA figure for DB schemes are calculated as the difference in the value of your pension "pot" from one year to another. There is a formula for this as @Rob7Lee has indicated & does generally mean that a pay rise of approx £5k could see you exceed the AA, depending on whether you also have a lump sum as part of your pension & the rate of inflation used. If you do exceed the AA for a particular year then all is not lost as you can go back 3 years & offset any unused AA. No problem you say.Rob7Lee said:
Until the experts arrive with a proper/correct answer.cantersaddick said:
I'm in a DB scheme can you explain for the uneducated what you mean?golfaddick said:
just the opposite. many of my clients have problem enough with what is already going in contractually (NHS scheme) & often unknowingly breach the AA.Rob7Lee said:
Now Austerity has ended no needgolfaddick said:Surprisingly there was no changes to the Pensions Annual Allowance or the Lifetime Allowance (apart from the increase in line with CPI to £1.055m). It was mooted that the AA would be cut from its current £40k level and/or the tapered amount would drop from the current £150k level.
bloody annoying......would have given me a reason to ring all my clients. - probably next year then. Can't you ring them all and advise 'fill up quick'?
This is to anyone out there that is in a defined benefit scheme......do yourself a favour & read up what constitutes your annual allowance......its not what you or your employer contributes !!
On a DC scheme the annual allowance is set at 40k and thats what can be paid in. Simple. I believe a DB scheme it's the amount of defined benefit you can build up each year. Or another way of putting it, the growth of the value in the benefit.
It generally only causes a problem with a large pay rise/promotion, but probably happens more than people realise.
Have a look here at example 3 of someone exceeding it:
http://www.sppa.gov.uk/Documents/Taxation/AA Examples.pdf
However.......and I'm only speaking about the scheme I'm very familiar with (NHS)....this does not take into account any other pension plans you may have, or more importantly, any additional income you may have which would reduce your AA down by tapering.
Now I realise that this will probably not affect many posters on here, if at all, and would probably be seen as a "serves you right" by many for having a very good salary...but it is affecting a lot of very highly paid & highly skilled doctors. Many hospital consultants have a private practice, which currently the NHS are paying to use as a way of reducing waiting lists or to free up beds. This PP income can be as little as £25k pa or as much as £200k pa. On average I would say its nearer to £60/70k.
The upshot of all this is that the NHS pensions Agency will tell a member when the value of their "pot" exceeds the £40k AA limit......but are totally unaware if the member has a reduced AA or not due to their total income (NHS, Private practice, Rental income) exceeding £150k. Therefore, many doctors will have an AA of around £20k and wont know that their NHS pension has exceeded this & therefore will have an excess tax charge to pay.0 -
https://www.bbc.co.uk/news/uk-politics-46057548
Hats off to Tracey Crouch, a rare politician with principles. Sneaky Phil called out by one of his own.1
