What Labour Could Mean For Your Retirement!

With labour well ahaead in the polls, we look at what a labour government could mean for your pensions, retirement and savings on the whole. We cover several changes they could make aswell as discuss some of things they have committed to already.

TIMESTAMPS:
00:00 Introduction
00:37 The State Pension
01:33 Higher Rate Tax Relief
03:55 ISA's as a saving vehicle
04:35 Lifetime Allowance
07:17 Labour impact on your savings and investments

WORK WITH ME - ✅ 📝
I am a Chartered Wealth Manager providing independent financial planning services in the UK. I help people retire earlier, make the most of their finances, protect their families and save taxes.

DISCLAIMER:
The content in this video is provided for information and entertainment purposes. It should not be construed as direct or indirect financial advice. You must thoroughly research any potential financial or investment decision and fully understand the risks before taking it. If in doubt, you should seek Independent advice from a professional adviser. Tax rules and legislation is subejct to change. HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. The Financial Conduct Authority does not regulate tax planning. The value of investments and any income from them can fall as well as rise, and you may not get back the original amount invested. Past performance is not a reliable indicator of future performance and should not be relied upon.

[bombasticlove]

To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game. Risk comes from not knowing what you are doing.

[Kathy-qd]

Things appear strange right now. The value of the US dollar is declining due to inflation, but it is increasing in comparison to other currencies and commodities such as gold and real estate. People are flocking to the dollar because they believe it is safer. As someone with a £401k retirement fund, I'm concerned about the impact of inflation ony savings

[dominic]

You’ve hit the nail on the head. We would just be guessing what’s best, better to wait on the facts and then deciding from there. It would take time to implement further changes which should give the breathing space required.

[marklee]

The thought of Reeves getting the keys to No 11 is terrifying! Remember what Gordon Brown did to final salary schemes in his first budget? Labour will, once again, destroy the future pensions of millions. Be careful who you vote for out there!

[AgileSnowWeasel]

We don't know anything to state with confidence. The LTA is punitive when you consider a £1m pension pot will give you £40k a year but someone who reached that pension level likely would want higher than that. £1.5m to £2m would be a more reasonable figure, and instead of a tax bill they could taper out the state pension, or it could be incurred at retirement not during work years (the doctor's issue). They could cut the tax free amount to 20% or 15%, they could put max drawdown rates on drawdown pensions, they could changes the tax rebate, they could change all the tax bands and rates... it's all could this, could that, maybe, perhaps. Perhaps they'll ramp up corporation tax to 30% and introduce a wealth tax because tbh income has been taxed enough).

[galaxianx]

Surely 30% across the board would cost the government more? The vast majority of pension contributions come from 20% tax payers. The higher earners are only a small percentage.

[leobrown]

If you work hard and are lucky to put money into your pension, then great it will take pressure off any future governments.i say smash the pension and retire early

[paulbrightwell]

Nothing wrong with getting rid of the higher tax rate relief and moving to 30% across the board. Most people would be better off! Vote winner for me

[ericwillis]

What you don't mention, is the more pension (private) you get on retirement the more tax you will pay, so very swings and round-abouts over a lifetime?

[hypnoticmonkee]

When making pension contributions to my sipp. How does the sipp provider know if I'm a lower rate/higher rate tax payer?

[petermorris]

Every speech given by Starmer since the election was announced has gone on about their priority being working people, That's code for we don't give a hoot about pensioners.

[johnholkham]

Basically if you have someone like Truss who blew inflation up to 10% so this increased pension by 10% + . Unfortunately People who don’t believe in listening to experts have cost this country a fortune.

[bigben]

Starmer has made on committments and reneged on all of them in the past. He has already let down his party and is about to let down the nation in a spectacular way.

[petearmstrong]

Labour doesn't have a Shadow Pensions Minister in place at the moment. Do they take the role seriously?

[tancreddehauteville]

I don't expect that anything significant will happen. It will be a question of maintaining the status quo and stability. A 30% tax relief would benefit my wife as a basic taxpayer but it would hurt me, then again I've benefitted from the higher rate relief for 24 years already so I can't moan too much. The lifetime allowance is unlikely to affect me as I'm not likely to hit £1M barring a massive bull market.

[stuartregan]

This is why private pensions are a big no no . If I sold a product that the Government can change willy nilly at any time no one would buy it & rightly so . Why do people have private pensions ? Government could change the age to 70 or entitlement criteria & you could do diddly about it.

[richardw]

The improvement in the NHS will benefit pensioners the most

[johnwarren]

Labour are not for the working class people 🙄

[Kalarandir]

Change is always scary, but IMHO change is needed and there will be winners and losers, and the losers will scream the loudest However, it is my hope that an incoming Labour government will take the long view and do what is right for those with 30 or more years until they retire, while not overly impacting those who do not have the time to make adjustments. It is a big ask, but the alternative is a state pension at 75 and a private pension locked down until 65.