@antonia_investing: pensioners get the same state pension. One also saved a bit over a lifetime of work, and that’s the one who pays tax. From April 2027, a new allowance shields people whose only income is the full state pension. Anyone with a small private or workplace pension on top could be taxed on all of it, plus part of their state pension. Some are wondering whether cashing in a small pension and moving it into an ISA gets around this. It isn’t that simple. The withdrawal itself is taxed, there are limits on what you can move, and you could lose valuable guarantees. Nobody should act on this without personal advice, and the full rules are still to come. Is this fair protection for the poorest pensioners, or a penalty for doing the right thing? Tell me in the comments. This is general information, not financial advice, and it is not a recommendation to withdraw from your pension. Tax rules can change and depend on your circumstances. Speak to a regulated financial adviser before making any decisions about your pension. Sources: LCP (Steve Webb); The Times; GB News; IBTimes UK; Budget 2026
Investing Insiders
Region: GB
Wednesday 28 October 2026 17:27:38 GMT
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John R258 :
All legislation has thresholds. Ang Gov can only set general, directional policy, where hopefully the majority benefit. In this case, the majority do benefit
2026-10-29 08:12:37
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ghygjj890 :
its income, you should pay tax
2026-10-29 09:45:19
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liamhiggins1505 :
it was income tax free on the way in to the pension....
2026-10-29 10:59:32
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Pursuit_of_Happiness :
So they pay £18.60 tax on that £93… it’s not really that bad? There’s never going to be something that works for absolutely everyone unless I’m missing something?
2026-10-29 06:24:13
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Charlie Crabtree :
It is not a cliffedge tax for every £3 over you pay £1 in tax. Please read the government website before posting false information. https://www.gov.uk/government/publications/pension-tax-allowance-explainer
2026-10-28 21:18:32
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Bacon :
The answer is don’t save your pension take it out and save it in your mattress and spend it over the year. Or better still sack the goverment.
2026-10-28 18:39:54
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Andrew Hutcheson551 :
Pension Profile have the powers as the DWP.They operate at Government level.My money is now An AGEON account based in Edinburgh.Money in ISAs and shares.Mskes about 4k per annum.Cannot complain.
2026-10-29 12:25:22
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spidergranny :
I've got a small work pension so this will mean I pay tax....
2026-10-28 18:15:10
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steven.shorter69 :
I don’t get my OAP until January ‘28 but have an LGPS pension that I cannot move or transfer
2026-10-29 07:39:50
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A J Oxford :
Have nothing seems the takeaway from this budget
2026-10-28 20:21:15
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Shahid SHAH :
Basically, u get rewarded for being bone, idle and lazy for not putting into a workplace pension!
2026-10-28 19:37:38
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lilibear12 :
And of course people can not survive on that amount of money it is not even the minimum wage.. An absolute disgrace, this government is against the British people
2026-10-28 18:20:30
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muka :
Project this rule forward, to next year , the years after. Why hasn’t the personal tax allowance not moved and will not move until 2031, is this to cover the full benefits system. Why is the narrative of all experts , your pension is a benefit, I don’t know of any benefit that you pay into , and then you are taxed on it ? A society that does not support its elderly, is a society that is completely corrupt. Just saying
2026-10-29 07:05:37
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Z :
I work full time, pay in to my pension topping it up but it feels like we are all getting taxed even once you’re in the grave the government will tax you on what you left .
2026-10-29 05:54:54
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Mary Williams :
The budget does not give us any money. The £100.00 is less than £2.00 a week. Our bills are going too swallow that up 🤔
2026-10-29 15:52:19
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no4nextdoor :
Imagine the dismay of a frugal pensioner on state pension only that has saved the last few winter allowance payments and a few quid each month and now gets a smidge of interest over the £1000 allowances.
2026-10-28 18:16:06
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appleuser87276225 :
I’m a pensioner and I’m willing to pay a little extra in tax to fund the social care fund
2026-10-28 20:08:38
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george wallace :
How does it work in Scotland?
2026-10-29 08:27:23
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NICKW :
We have to get liebour out
2026-10-28 18:47:22
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magic77773 :
The problem is low paid workers paying into a small pension !! Should just get pension credits instead of a pension 😪
2026-10-28 18:10:29
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mickey :
So had a grandad that drank and gambled all his money every week. His brother had a wood yard and his own home. They both needed care at one stage. One got a care home all paid for by the council and was given pocket money. The other could get absolutely no help what so ever. I will let you work out which was which. You either don’t work and sit on benefits then get cared for in your old age or work, save in to a pension,buy your home and then get no help what so ever.
2026-10-28 22:28:54
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whitlad :
Politicians aka the cartel
2026-10-29 07:06:12
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Gricer 37 :
Its disgusting that they haven't taken the freeze off Tax Thresholds.
Because of this I won't vote Labourr again.
2026-10-29 10:28:19
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bighands :
👍🏻👍🏻👍🏻
2026-10-29 10:04:38
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manish_ahir_1717 :
Your really doing a great job brother @Alex Bruce and I appreciate the effort you've put in this week.
2026-10-29 05:34:17
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