- published: 19 May 2010
- views: 161
Pension tax simplification, often simply referred to as "pension simplification" and taking effect from A-day on 6 April 2006 was a policy announced in 2004 by the Labour government to rationalise the British tax system as applied to pension schemes. The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning. The government wanted to encourage retirement provision by simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions.
Broadly the new regime allows considerable freedom in the tax relievable contributions that may be made to pension schemes, and the assets in which they may be invested. It also however caps the size of tax favoured pension fund that may be accumulated by an individual. This 'lifetime allowance' was set at £1.6M for 2007–08. Funds accumulated in excess of the lifetime allowance are subject to a tax charge of 55%. Transitional protection provisions were made for individuals who had already accumulated pension funds in excess of this amount.
Reanimate!
Opinions of the masses
Revolutions calling
Wreaking havoc in the streets
Aggravated aggression
Is sold for all our own freedoms
Occupy the system
And release the grip on us
Military forces
Are called in for reinforcements
Blue and gold failures
Denied to keep control and order
Not another hostage
Will be taken under
March to defy!
Stand up and be counted...
All the innocent and free
All those who can see
My back is against the wall
Freedom for nothing, freedom for speech
Freedom to believe
My back is against the wall
All of the hypocrisy
Damn your government
My back is against the wall
All of the corruption now
It doesn't make any sense
My back is against the wall
A day in the death
A broken creed
Your so called life in which we lead
Forgotten dreams left behind
Is all I'll find
Just a day in the death
A day in the death
A day in the death of mankind
Something inside of me says
The balance of life is at hand
Thousands of protesting mothers
Come here to rally in hordes
Together, forever
Together, for ever and ever
Just a day in the death of mankind!
Reanimate!
Opinions of the masses
Revolutions calling
Wreaking havoc in the streets
Aggravated aggression
Is sold for all our own freedoms
Occupy the system
And release the grip on us
All the innocent and free
All those who can see
My back is against the wall
Freedom for nothing, freedom for speech
Freedom to believe
My back is against the wall
All of the hypocrisy
Damn your government
My back is against the wall
All of the corruption now
It doesn't make any sense
My back is against the wall
A day in the death
A broken creed
Your so called life in which we lead
Forgotten dreams left behind
Is all I'll find
Just a day in the death
A day in the death