BREAKING: Gorbon Brown robs pension pots!

[AtW]

"The Chancellor is set to squeeze millions of retirees’ incomes in his spending review by pressing ahead with an inflation shake-up that will cost investors more than £100bn.

Industry experts warned that more than 10m pension incomes linked to the retail prices index (RPI) will lose out if Rishi Sunak announces a move to a lower inflation measure on Wednesday.

Investors are pricing in a very high probability of the Chancellor pushing forward with the plans despite warnings it will hit retirees.

RPI is expected to be replaced by the consumer prices index including housing costs (CPIH) - a measure of inflation that is typically far lower.

The reform will save the taxpayer money, benefit commuters and help students but also reduce annual increases in incomes from defined benefit pension schemes linked to RPI.

Industry estimates suggest the changes will cost holders of index-linked gilts - government bonds tied to inflation - between £100bn and £130bn."

Inflation shake-up set to hit incomes for 10m private pensions

Oh wait, it's Rishi!

Time till malvolio says that Labour would have done the same anyway: 3... 2...

[TestMangler]

Oh wait, it's Rishi!

Time till malvolio says that Labour would have done the same anyway: 3... 2...

Malvolio will tell you Corbyn would have stolen you're entire pension, shagged your Granny and nicked her TV licence stamps, so thank god the Tories are in power.

[_V_]

Tories killed granny, shagged you, and still stole your pension pot.

[jamesbrown]

Sounds like a reasonable plan, given the options available. That and reducing the annual allowance. Fook off with yer other taxes though

[jamesbrown]

That said, I doubt this one actually saves the Treasury much, unlike reducing the annual allowance.

[GigiBronz]

So they want to fudge further the already fudged inflation estimate? Presumably this one includes housing costs, but does it?
I frankly do not care as long it is in the interest of stability and making a better future society. Hopefully that future society does not mean eroding the debts of the haves while stagnant wedges and higher rents for the have nots. Because they have to work hard and learn the value of work... because the haves worked hard for it. Or did they?

[vetran]

Tories killed granny, shagged you, and still stole your pension pot.

he enjoyed it!

[vetran]

Malvolio will tell you Corbyn would have stolen you're entire pension, shagged your Granny and nicked her TV licence stamps, so thank god the Tories are in power.

So how would Jezzybell done different? Starmer is a far more competent operator and has supported the Government on most things during the Epidemic. Jezzybell would be asking the IRA etc. what to do.

[ladymuck]

So...

I know less than sweet FA about pensions. I have one, someone calls me every now and then and recommends a rebalance of investments, the value is going up by more than the contributions so I guess it's doing ok.

I can understand that HMT would decide which inflation measure the state pension should be linked to, but I didn't realise they decided this for all private pensions too. Or have I completely missed the point here? Surely it's up to the pension company to strike a balance between profit and creating a product people want to buy?

[Old Greg]

So how would Jezzybell done different? Starmer is a far more competent operator and has supported the Government on most things during the Epidemic. Jezzybell would be asking the IRA etc. what to do.

I'm glad you have a fantasy narrative to make you feel better about your poor choices.