…and end of final salary pension schemes.
The political elite of all three parties really do hate pensioners and their pensions.
Wealth redistribution:Quote:
According to Hargreaves Lansdowne, a financial services firm, an employee on £25,000 will pay an extra £270 a year in national insurance. For someone paid £40,000, the increase will be £481.
Large organisations, including the NHS, will also have to increase their employer’s national insurance contributions by as much as 3.4p in the pound.
The biggest beneficiaries of the flat-rate pension will be part-time workers, carers and people who take time out of work to bring up their children. The self-employed could also gain. But some higher-paid workers will get a smaller state pension than they would have received under current rules.
End of final salary pensions? Quote:
Employers who offer final salary pensions face much larger increases in their national insurance payments.
For each worker paid £25,000, an employer could have to contribute an extra £657. For a worker paid £40,000, the employer’s increase will be £1,168.
Those costs have led to warnings that many of the 6,300 or so remaining final salary schemes in the private sector will be forced to close.
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