Tory MPs call for pension changes to 'Deter early retirement'?

 

Senior Conservative MPs have said the Prime Minister should increase or even scrap the lifetime allowance for pensions, as it acts as a "perverse incentive" for the over-50s to retire early. 

The lifetime allowance currently stands at £1,073,100, having been reduced from a high of £1.8m just over a decade ago. Pensioners are typically taxed 55% on any earnings they withdraw from their pension pot above that amount. 

Damian Green, a former work and pensions secretary, said Rishi Sunak should review the rules in light of the growing labour shortages. Baroness Altmann, a former pensions minister, added: "We’ve got this lack of joined-up thinking where a workplace benefit is turning into a workplace penalty for the most valuable senior staff."

This problem, highlighted by us here at murky earlier this year is one of the prime reasons that you have difficulty actually seeing your GP in person. More and more GP's are retiring early or reducing their working hours  to stop their retirement savings being stolen by this ultra right wing Tory leadership who want to massively tax cash that has been taxed at source and also had its savings interest taxed to bits.

This dilemma shows exactly why the most ardent Conservatives can't be persuaded to trust this dreadful Tory mob in Government who have let them down and have decided to tax their backsides off. The divisions between the Conservatives and their Tory Masters are widening daily who have not learnt any lessons from the Liberals and their Democrat partners and how, when their divisions were run out in public, ruined their party.