Submitted on Monday 20th February 2012
Published on Tuesday 21st February 2012
Current status: Closed
Closed: Thursday 21st February 2013
Signatures: 86
Scrap proposal to remove the tax free benefit for lump sum retirement payments
The proposal by Inland Revenue will cost new retirees thousands of pounds, as a tax fee lump sum is a major incentive to save into a pension in the first place. Tens of thousands of people have mortgages and borrowings secured on their capital, and millions rely on this one-off payment.
Thousands of employees are already delaying their retirement because they are forced into this position due to their financial situation. Also those approaching retirement have been hit with a decade of poor investment returns, with many companies scaling back workplace pensions. Annuity rates have recently fallen to new lows and concerns that another bout of quantitative easing, as well as fears that new EU rules, will push rates still lower.
We petition this government to scrap the Green Paper to tax lump sum retirement payments as this will be the final nail in the coffin for pensions.
You can't sign this petition because it is now closed. But you can still comment on it here at Repetition.me!
18.116.90.161 Thu, 21 Nov 2024 14:11:13 +0000
