March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010 January 2011 February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024 April 2024 May 2024 June 2024 July 2024 August 2024 September 2024 October 2024
News Every Day |

Six pension changes revealed in the Budget

MILLIONS of pension savers and retirees will be affected by a raft of changes announced in today’s Autumn Statement.

From a state pension increase to cutting the winter fuel payment, Chancellor Rachel Reeves confirmed several big announcements.

Rachel Reeves delivered her October Budget today including a raft of pension changes
Alamy

The government had already warned that the Autumn Statement would be “painful”.

Speaking in the commons today in her first Budget since becoming Chancellor, Rachel Reeves outlined a raft of pensions-related policies and changes.

Some of the changes could alter your retirement plans, so it’s important to reassess now we know more about what’s coming.

We’ve rounded up all the changes and what they mean for your money.

State pension increase

As part of today’s speech, Ms Reeves confirmed that July’s wages figure will be used to increase the state pension from next April.

This means that the State Pension will increase from £221.20 a week to £230.30 – or up to £473 a year.

The state pension increases every year in order to keep pace with the rising cost of day-to-day items such as food and household bills.

It is set to rise by 4.1% from next April, under what is known as the triple lock guarantee.

This system puts the state pension rate in line with whatever is highest of wages for May to July, 2.5% or September’s inflation figures.

Employee wages grew by 4.1% in the three months to July, while the UK’s rate of inflation was 1.7% in September.

WATCH RACHEL REEVES ON NEVER MIND THE BALLOTS

By Ryan Sabey, Deputy Political Editor

RACHEL Reeves will be grilled in a special Budget edition of The Sun’s Never Mind The Ballots show today.

Our Political Editor Harry Cole will put the Chancellor on the spot shortly after she’s finished delivering her crucial address in the House of Commons.

It will be available to watch on thesun.co.uk, YouTube and Sun social channels at 5.30pm.

Topics will include her decision on whether to spare motorists a fuel duty rise, and the expected eye-watering tax rises she will impose.

Since its launch earlier this year, NMTB has cemented its place at the heart of British politics.

During the General Election campaign The Sun was the only print publisher to host back-to-back grillings of Rishi Sunak and Sir Keir Starmer.

Footage from The Election Showdown has been viewed over 15 million times.

NMTB has also featured interviews with ex-PMs Boris Johnson and Liz Truss, as well as senior politicians Nigel FarageJames CleverlyWes StreetingSteve Reed and Bridget Phillipson

And a yearly rise from £11,502 to £11,975 – a £473 increase.

Only those who receive the full new state pension will get this amount.

How much an individual will get depends on their national insurance record and the number of qualifying years they have.

You need 35 years of National Insurance contributions to qualify for the full state pension.

Older pensioners who reached age 66, the state pension age, before April 2016 will get a weekly rise from £169.50 to £176.45.

Over the course of a year, this would take their income from £8,814 to £9,175.40 a year.

Pension credit increase

Retirees who are on a low income can see it boosted via Pension Credit – and this benefit is also set to rise in line with July’s wage data at 4.1%.

The benefit is set to rise from up to £218.15 a week to £227.09 if you are single or from £332.95 to £346.60 for couples.

To be eligible for Pension Credit, your income must be lower than these thresholds.

You could also get the “Savings Credit” element of Pension Credit if you meet both of the following criteria:

  • You reached State Pension age before 6 April 2016
  • You saved some money for retirement, for example through a personal or workplace pension.

At the moment, you will get up to £17.01 a week if you are single but this could rise to £17.69 from April.

Meanwhile, couples currently get up to £19.04 a week but this could be boosted to £19.82 from next year.

The Autumn Statement at a glance

Ending the tax threshold freeze

Pensioners are set to benefit from the chancellor’s decision to unfreeze tax thresholds from 2028 rather than extend the freeze to 2030, as had been expected.

Tax thresholds have been frozen since 2021 and were due to stay until 2028, but rumours circulated that Labour was planning to carry the freeze on until 2030 to raise extra revenue.

The ongoing freeze is set to force millions of pensioners to pay tax on their state pension for the first time over the next few years.

This is because the state pension has risen drastically in line with soaring inflation and wage growth, while tax bands have not moved – so they have been dragged over the threshold.

But once thresholds are unfrozen, some pensioners will be relieved of paying extra tax as tax brackets should go up in line with state pension increases.

Pensions brought into IHT scope

In a shock move, Labour has announced pensions will start being brought into the scope of inheritance tax (IHT) by 2027.

Currently, IHT is currently charged at 40% on the property, possessions and cash, but money saved into pensions and passed on is exempt.

But now any pension cash over the current IHT threshold of £325,000 will be taxed at the same rate.

Helen Morrissey, head of retirement analysis, Hargreaves Lansdown, said: “The generous treatment of pension death benefits has long been considered low hanging fruit for a government in search of cash.

“Today that fruit has been plucked as pensions will now be made subject to inheritance tax.

“It’s a decision that will upturn many people’s plans as we will see many more people being dragged into paying IHT”.

Mike Ambery, retirement savings director at Standard Life, warned the move will see many more people dragged into paying the unpopular death tax.

“The end result of this change is that many more people will now be brought into scope for IHT,” he said.

“This represents a fundamental shift to how wealthier individuals think about accessing their money in retirement.

“In time we’re likely to see more pensions, accessed earlier to prevent them from becoming part of people’s IHT bill at a later date.”

Confirmed pensions review

The government confirmed it will carry out its promised pensions review to help boost retirement pots in the UK.

In the King’s Speech earlier this year the government announced its intention to improve outcomes for retirement savings through a review of pensions.

The Pension Schemes Bill includes the following changes:

  • A new system to enable small pension pots to be automatically combined into one place, helping to get better returns and helping savers keep track of their pensions.
  • Ensuring all savers are saving into pension schemes which must demonstrate they are delivering “value for money” through a new test.
  • A new requirement for pension scheme trustees, who oversee the running of pension schemes, to offer retirement income products to savers and guide them on which are most suitable.
  • Creating new “superfunds” by consolidating “defined benefit” (DB) pension schemes, which pay a guaranteed income for life
  • Changing the definition of a “terminal illness” to allow eligible savers to receive a lump sum payment earlier.
  • Strengthening the power of the Pensions Ombudsman to help reduce costs.

Winter Fuel Payment changes confirmed

The government’s controversial changes to the Winter Fuel Payment (WFP) were also confirmed in its Budget documents.

Now, only those who claim Pension Credit or select other benefits will be able to access the WFP worth up to £300 to help with energy costs over winter.

Until now, WFP was available for everyone over state pension age, which is currently 66 for men and women.

The Sun's Winter Fuel S.O.S Campaign

THE Sun's Winter Fuel SOS Campaign is here to support households during these challenging times.

Due to government cutbacks, ten million pensioners are set to lose the £300 Winter Fuel Payment.

Since opening our phone lines to thousands of pensioners in October, we remain dedicated to providing tips and advice on how to stretch your finances further.

That’s why we have partnered with the poverty charity Turn2Us to launch a free benefits checker, helping you ensure that you are claiming all the benefits to which you are entitled.

Don’t miss our latest Sun Money coverage, which includes essential information on key deadlines, applying for support, and everything you need to know about Pension Credit.

If you have a story to share or wish to get in touch with our team, please email us at money-sm@news.co.uk.

Москва

ГРУЗИЯ. Москва выступила за нормализацию отношений с Тбилиси

Lindsay Hubbard's Baby Shower Details Revealed, Including Which 'Summer House' Co-Stars Attend

Bay Area high school football: Weekend scoreboard, how Top 25 fared

You need the eyes of a movie hero to spot the 5 horror villains lurking near the crime scene in under 90 secs

Revealed: SC Freedom Caucus leader had numerous electronics seized by federal officers

Ria.city






Read also

How Arne Slot Has Hit the Ground Running at Liverpool

Racist attacks against delivery drivers ‘have no place in Cyprus’

Martha Stewart generally hates the Netflix documentary about her

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

You need the eyes of a movie hero to spot the 5 horror villains lurking near the crime scene in under 90 secs

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Bay Area high school football: Weekend scoreboard, how Top 25 fared



Sports today


Новости тенниса
Арина Соболенко

Арина Соболенко ударила по голове фотографа. Видео



Спорт в России и мире
Москва

Наталья Бочкарева призвала россиян заняться спортом



All sports news today





Sports in Russia today

Москва

Более 500 спортсменов приняли участие в «Оранжевом марафоне» в Ставрополе


Новости России

Game News

Call of Duty: Black Ops 6 meta guns and loadouts


Russian.city


News Every Day

Bay Area high school football: Weekend scoreboard, how Top 25 fared


Губернаторы России
РПЛ

Битва второй и третьей команд РПЛ. «Зенит» сыграет с «Локомотивом» в Санкт-Петербурге


Шовинизм мнений: США усиливают давление на российские СМИ

Классные кухни: Образовательный центр имени М. М. Расковой в Энгельсе

В Мытищах состоялась отчетно-выборная конференция профсоюза жизнеобеспечения

Катите отсюда: электросамокаты предлагают убрать с тротуаров с 2031 года


Полиция привлекла к ответственности рэпера Noize MC* за дискредитацию ВС РФ

Песни SHAMAN включили в школьную программу в Чите

Metallica — Black Album, if it was recorded in the 60s

Рэпер Джиган и блогерша Самойлова построят питомник для бездомных коз из Бутово


Елена Рыбакина узнала плохие новости от WTA

Россиянка Шнайдер с победы стартовала на турнире WTA в Гонконге

Елена Рыбакина вылетела на Итоговый турнир WTA

Познер о включении Шараповой в Зал славы: «Представители тенниса умнее и дальновиднее своих коллег по другим видам спорта»



Компания «Мария» рассказала о новых решениях для девелопмента на конференции Московского Бизнес-клуба

Отделение СФР предоставило 11 жителям региона с нарушениями зрения собак-поводырей

Компания «Мария» рассказала о новых решениях для девелопмента на конференции Московского Бизнес-клуба

Компания «Мария» рассказала о новых решениях для девелопмента на конференции Московского Бизнес-клуба


«Грузовичкоф» на круглом столе РБК Петербург

Фестиваль "Ударная волна"-2024 в Санкт- Петербурге

Турция предложила замену ушедшей из России американской кинопродукции

Акцент на практику: Желдорреммаш подвел итоги реализации профориентационного проекта в 2024 году


Автомобилистов Москвы предупреждают о гололедице на дорогах

В Железнодорожном две школьницы избили сверстницу и сняли все на видео

Βучич пοпpοбуeт шaнтaжиpοвaть Ροccию пepexοдοм нa aɜepбaйджaнcκий гaɜ

Россия 1896 года в цвете



Путин в России и мире






Персональные новости Russian.city
Нюша

«Была с кем-то всегда»: от чего пришлось отказаться Нюше ради карьеры



News Every Day

Inside the dark world of randy sex pest dolphins who terrorise swimmers & try to ROMP with humans




Friends of Today24

Музыкальные новости

Персональные новости