Paid tax all my life on my earnings. Am now paying tax on my pension, so I'm paying tax TWICE.

Could you please say on Pensions, if you have a final salary pension ie no actual ‘pot’ but your spouse has a 50% entitlement upon death ie on death the pension value reduces by 50% how does this work out in pension value terms & who sets the value - for example a company pensioner of 25 years - is it the original value or the value after 25 years of pension having been taken out? Thanks.

This idiot has posted about means testing state pension. And has set off all the thick idiots . The state pension has not and never will me means tested . Why post this stupid post . You ate an idiot

My wife passed away 17 January 2018, it took the DWP 6 years for them to work out that I was entitled to part of her state pension and sent me a cheque for the back pension i was entitled to and increased my pension accordingly, they informed HMRC who promptly informed me that I had to pay tax on the back payment from the DWP, if they employed people who were capable of doing the job they are payed to do, they could half the people employed by the DWP and HMRC save a fortune and not cause stress to millions of people

Not Sharing Money With the Partner. Adult Children And Grand Children And Teenage Son. Husband has to have his Own Account. He is 67 With his Own Money.❄️🎉❄️🎉

Ask the 550K frozen state pensioners how they feel

plus just remember we had our final salary schemes ripped from under our feet years ago in the private sector throu no fault of our own mine of which is now in PPF so i get even less

Public sector pensions are a utter P155 take, Ive worked in the private sector all my life, My employer pays a miserly 3% whilst we pay 5% . Many retire from public sector early because it doesnt pay them to them to keep working. The income from their pension is more or near enough what they would earn working. Meanwhile us idiots who are helping to pay these pensions alot will work till the state pension which for me is 67. I know of one ex public sector employee retired at 55 on more pension than i earn . If the government wanted to save money in the budget they should have cut Public sector employers contributions by 5% . As Cameron said when he was PM the public sector are the have Yachts compares to the have nots in relation to pensions in the private sector. I know someone who went for a job interview at a large Government dpt and the interviewer said Dont look out window in morning otherwise you will have nothing to do in afternoon.

Thanks Carl. Great video

What about husbands right to their wifes pension.

With true inflation running north of 4%, pensioners need to be looking for minimum 10% gross return to be inflation proof plus receiving useful income😮

Every penny I can spare has been converted into GOLD and it's stashed in a safe place known by me. Do you have a better idea ? If yes the entire UK taxpaying population would like to know.

Your initial example of a family home is not correct as you seem to have left out primary residence relief, which when added to the nil rate band means that the theoretical family home would pay 21k of IHT, not 91k. And thats assuming there is no spouse, if there is a spouse or civil partner then there would be no IHT to pay at all up to 1m.

Very interesting and well explained. I am surprised there isn’t more about the IHT implications in the mainstream press. Guess they don’t understand that many people with a property, pensions in drawdown and savings could be in for a shock. Possibly 40% of what the pension pot is assuming all of it is in excess of their allowance. The bleeps have engineered it to take 40% now or if you don’t they will get the 40% when you die. Makes the winter fuel allowance removal pale into insignificance. Oh well that happens when turkeys vote for Christmas 🎉

If the Goverment wants to make and recover money... then look at the immigration costs... you could save billions. Never known a Government to ignore the people and become such a orwellean dictatorship

Thank you. Might we get into a position where somebody who is due to inherit may be better off taking a lower paid job (moving into 20% income tax bracket) or perversely not working for a few years? Thanks

Also relevant for those with large pension pots is where to hold your risk assets. For example if you have a large cash holding is this cash better placed in your isa or in your sipp? My initial thought is to hold it in the Isa and then swap if equities fall significantly. If equities crash then this reduces the swollen pension pot and if they rise then you are going to be so well off you won’t care too much about a bit of IHT when you pass.

It seems to me that buying an Annuity to cover baseline living costs is one way to avoid some IHT and get in effect greater than 4% drawdown on the same size pot. A video on effective use of annuities would be great!

I will take out my 268k and save it outside the uk .then I will spend spend spend until it runs out .then I will down size and spend again. Then I will die and leave the 268k to my daughter

Not to worry . With a bit of luck a future Government will roll back these changes

Good content. And please touch up how to setup trust to protect the rental property for my children. Thank you

The left dislike families becoming too comfortable. They want you to remain at the bottom, always on the treadmill. Useful idiots in the public, who are used for their envy, will support inheritance tax, thus suppressing any chance of they themselves ever being able to give all of their already taxed assets to their children.

Hi Carl, thanks for the informative video. Many advisors mention 'family investment companies' as a means of reducing IHT on a larger estate, but there is very little online information about them and how they operate. If you could outline the basics in a future video, that would be great.

My substack: moneymatters1.substack.com/

Very informative as very clearly communicated thanks

That’s not the Labour Party I grew up with,attacking old age pensioners my dad will be spinning in his grave,so much for the party of the people

I guess its called a benefit as in the term of a DB pension whrre the benfit is defined, but its not a state benefit. I suppse ypu could argue the state pension isnt taxed as it will take up all ylur tax free aloowence, then any other income you recieve or earn will be taxed

Sorry but I fell asleep after watching 3 minutes, in fairness I am almost age 82 and have lost my free TV licence along with the winter fuel cash so I feel the less I know the better I will feel. As regards the assisted dying saga it will probably be compulsory soon so there'll be no need for pensions will there Kier old chap.

What about inheriting your wife's pension? Is it the same.

Lots of people financially plan for their retirement based upon recieving the state pension. If this gets pulled it's not going to be easy for or 67 year old to find work.

this is why i buy gold sovereigns

Unfortunately, Hargreaves Lansdown tell me they will no longer allow individuals to buy UK Treasury Strip you refer to after ~12:30, despite listing it as available. Such a shame!

We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.

how to be a crook

Entitlement is what it should be called

We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.

My pension lost the largest amount when the lettuce crashed the economy.

Ugly microphone.

Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.

State pension, as previous comments mention is not a benefit. We have already paid into it during our working lives. If you have a small works pension it is also taxed , simply because the threshholds have been frozen. The word Free National Health makes me angry. It is not free. The hard working people of this country have paid for it via their taxes and national insurance. We also pay Insurance Premium Tax on our house insurance, pet insurance and car insurance. Plus car road fund tax, vat and duty on petrol. So what the heck has our parliament over the years been doing with our money. Take your state pension when it is due you and do not defer it if at all possible and draw it for as long as possible.

*What can we Voters ACTUALLY DO to stop the £££ Corrupt/Evil Liebour Govt???????????????????????????..... :)

Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.

When you have paid into a system for 40 years + you would expect to get it when you retire, this is a right but this Gov. Now call it a benifit is the NHS also a benifit will we also have to means test us to get treatment in the near future.

Get rid of stammer and reeves. .

This is comparable to claw back of the personal allowance when your taxable pay exceeds £100,000. However I doubt that the threshold will be set at £100k before they clawback at the same rate. The Government needs to generate high value higher paying jobs to generate the necessary taxable income to pay for pensions and set up a fund (Norway is an example of of this using revenue from North Sea oil). Taking too much money from people on low pensions that exceed the state level will take money away from consumer spending so there is a hidden cost. Hitting people at the lower end may lead to more requiring state support unless they have a large enough private pension. Would like to see what the OBR analysis looks like. What the the wealthy pensions in the state sector, for example MPs who presumably will ensure they remain protected whilst attacking other pensioners on less.

The more illegals that come across will be detrimental to the pensioners because it’s obvious to me the government favour these people and they hate pensioners who they consider a burden. ( my thoughts)

Why are we paying NI ?

Good advice. Low voice sound & sudden shift to loud muzak - not nice through headphones!!

This is theft, pensioners have payed for this during their working lives. They have a right to it,no ifs or buts.

This would be a great way to start a brain drain in the UK