Speech in Westminster Hall - Tue 18 Oct 2022
Cost of Living: Support for Young People
"I beg to move,
That this House has considered cost of living support for young people.
It is a pleasure to serve under your chairship this afternoon, Ms Ali.
This debate could not come at a more important time, as everyone’s bills are skyrocketing, the cost of food and other …..."Fabian Hamilton - View Speech
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Speech in Westminster Hall - Tue 18 Oct 2022
Cost of Living: Support for Young People
"I thank my hon. Friend for her intervention, because I am just about to describe what a difference it makes to increase universal credit in line with inflation, rather than in line with wages. Her point is very well made indeed. If universal credit rose in line with wages, young …..."Fabian Hamilton - View Speech
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Speech in Westminster Hall - Tue 18 Oct 2022
Cost of Living: Support for Young People
"As I said earlier, it is a pleasure to serve under your chairship this afternoon, Ms Ali, in spite of the interruptions. I shall continue where I left off an hour and a quarter ago.
The fact that the Government still have not committed to increasing universal credit in line …..."Fabian Hamilton - View Speech
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Speech in Westminster Hall - Tue 18 Oct 2022
Cost of Living: Support for Young People
"I thank my hon. Friend, who is a very old friend of mine and has a great reputation for standing up for students and universities—certainly in this place and before he came into the House. I was not aware of many of those facts. I did not realise that half …..."Fabian Hamilton - View Speech
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Speech in Westminster Hall - Tue 18 Oct 2022
Cost of Living: Support for Young People
"I thank all who have contributed this afternoon, from the hon. Member for Bath (Wera Hobhouse), who made some very important points, to the hon. Member for East Dunbartonshire (Amy Callaghan), to the SNP spokesperson, the hon. Member for Glasgow Central (Alison Thewliss). I also thank my colleague the shadow …..."Fabian Hamilton - View Speech
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Written Question
Thursday 7th July 2022
Asked by:
Fabian Hamilton (Labour - Leeds North East)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure that additional tax payments as a result of pension growth are not disproportionately impacting NHS staff.
Answered by Lucy Frazer
The Government is committed to ensuring that hard-working NHS staff do not find themselves reducing their work commitments due to the interaction between their pay, their pension, and the relevant tax regime.
99 per cent of pension savers make annual contributions below £40,000, the level of standard annual allowance which has applied from 2014-15. To ensure that defined benefit scheme members are not unduly affected by the annual allowance (for example if their pension rights increase after a promotion), the Government allows up to three years of unused annual allowance to be carried forward. The Government also increased the two thresholds above which the tapered annual allowance applies were each raised by £90,000 in April 2020.
Individuals who breach the annual allowance on tax-relieved pension savings can also use an option called ‘scheme pays’, under which they can require their pension scheme to pay their annual allowance tax charge now (in return for an actuarially fair reduction in their pension), provided that the annual allowance charge is at least £2,000 and they have exceeded the annual allowance of £40,000. In England and Wales, the NHS Pension Scheme goes further, allowing scheme pays to be used on any annual allowance charges relating to accrual in that scheme.
The reforms to the annual allowance and lifetime allowance made since 2010 are expected to save £6 billion per year, and allow pension savers to build significant retirement savings tax free, while also ensuring that the highest earning pension savers do not receive a disproportionate benefit from pensions tax relief.
Speech in Commons Chamber - Thu 31 Jan 2019
Equitable Life
"I start by paying tribute to my all-party parliamentary group co-chair, the hon. Member for Harrow East (Bob Blackman), who has given an excellent introduction and who has worked very hard indeed in the nine years that he has been in the House to try to bring about the justice …..."Fabian Hamilton - View Speech
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Speech in Commons Chamber - Thu 31 Jan 2019
Equitable Life
"Yes, indeed. I thank my hon. Friend and neighbour for making that point. I know Ray and Marjorie Dunn very well—they correspond with me regularly—and I know that my hon. Friend has been a champion of their case and of many other cases in his constituency. I will go on …..."Fabian Hamilton - View Speech
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Speech in Commons Chamber - Thu 31 Jan 2019
Equitable Life
"I thank my hon. Friend for making that point. The ombudsman’s report did indeed make it clear that this was a catastrophic failure of regulation, and that the Government bore considerable responsibility for compensating those who had lost out. I will go on to say more about that in a …..."Fabian Hamilton - View Speech
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Speech in Commons Chamber - Thu 31 Jan 2019
Equitable Life
"I thank the hon. and learned Lady for that intervention. The story of her constituents is reflected up and down the country, in every constituency represented in this House, and I hope that we will get some answers from the Minister at the end of this debate...."Fabian Hamilton - View Speech
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