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That's always been my objection to pension arrangements in the UK. It's a cushy deal between the Government and financial institutions to lock-away money for 3
by dingaling 8y ago
That's always been my objection to pension arrangements in the UK. It's a cushy deal between the Government and financial institutions to lock-away money for 30+ years, and then tax the contributor when he becomes eligible to access it.
Pensions should be tax-exempt at withdrawal, or else be accessible. Otherwise what's the incentive, other than when pre-tax contributions are possible?
- dogma1138 8y agoI agree, luckily I'm not a British citizen but as there is a tax agreement between the 2 countries I can move all my pension contributions outside of the UK without any tax. The pension tax deduction is also pretty poor and for every pound you earn above 100K you are losing your allowance which also infuriates me.