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   Jonathan (jmcrookston@mastodon.social)'s status on Wednesday, 12-Jun-2024 09:42:08 JST Jonathan

   in reply to

   @CppGuy

   So what we call a pension you call a workplace pension.

   Your "final salary" pension is what we call defined benefit pension.

   I don't think we have private pension plans the way you do.

   We only have workplace pensions and we have a government scheme where you can set up a tax-free account that gives you tax back when you contribute to it and when you take the money out later (at retirement) it's taxed as income. It's called a registered retirement savings plan (RRSP).

   • Embed this notice
     Beverley (talktobeverley@mas.to)'s status on Wednesday, 12-Jun-2024 09:42:08 JST Beverley

     in reply to

     @jmcrookston @CppGuy in the UK "final salary" and "defined benefit" pensions are interchangeable terms. Many firms no longer offer these; there's been a move to "defined contribution" schemes.

     Before various rule changes it tended to be the self-employed who had 'private' pensions. Some folks were persuaded to transfer their pensions to private providers and ended up with much worse provision; the 'persuaders' benefiting from commission. All part of the neoliberal nonsense. Late 80s/early 90s.

     clacke likes this.
   • Embed this notice
     Jonathan (jmcrookston@mastodon.social)'s status on Wednesday, 12-Jun-2024 09:42:09 JST Jonathan

     @CppGuy

     Wow! You have a 40% inheritance tax? How did I not know that.