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    • dunstonh
    • By dunstonh 7th Jun 10, 2:43 PM
    • 82,630 Posts
    • 47,710 Thanks
    dunstonh
    • #2
    • 7th Jun 10, 2:43 PM
    • #2
    • 7th Jun 10, 2:43 PM
    My short question is: is there any way I can transfer some of my pension fund into a fund in my wife's name to make use of her age allowance as well as mine ?
    Not yet but it has been something raised as a possible thing to come in future by the Conservatives.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • bendix
    • #3
    • 7th Jun 10, 2:47 PM
    • #3
    • 7th Jun 10, 2:47 PM
    I suspect I know the answer to this, but it's worth a try...

    I have a SIPP fund which will probably eat up my age allowance when I come to retire in 25 years time.

    My short question is: is there any way I can transfer some of my pension fund into a fund in my wife's name to make use of her age allowance as well as mine ?

    I've only ever had tax relief at the basic level, but I suspect the answer will be No anyway !
    Originally posted by Ginger Red
    You could try dying. That would fix it.
  • Ginger Red
    • #4
    • 8th Jun 10, 11:40 AM
    • #4
    • 8th Jun 10, 11:40 AM
    You could try dying. That would fix it.
    Originally posted by bendix
    Why didn't I think of that ?

    You know how it is - the obvious answer is always staring you in the face.

    I'll bear dunstonh's option in mind as well though.
  • bendix
    • #5
    • 8th Jun 10, 11:50 AM
    • #5
    • 8th Jun 10, 11:50 AM
    dunstonh's answers, while essentially correct, are always far too theoretical.

    I like to think my answers are more practical. I'm more a 'this will get you the results you need NOW', kinda guy.

    But, it's your call . . . .
    • hugheskevi
    • By hugheskevi 8th Jun 10, 12:57 PM
    • 1,764 Posts
    • 2,043 Thanks
    hugheskevi
    • #6
    • 8th Jun 10, 12:57 PM
    • #6
    • 8th Jun 10, 12:57 PM
    There is the less dramatic, but more drawn out process of divorce that could be considered too.

    Agree to a pensions-sharing-on-divorce, and later have a reconciliation

    I'm sure there are some HMRC regs preventing this in some way, and it is not as altruistic as suicide, but hey.

    On a more serious note, with 25 years to go that should be ample time for your wife to build up a fund that will use up her age allowance - even if she is a non-tax payer she can still get basic rate tax relief on gross contributions up to £3,600 p/a. Not as simple as moving everything in one go, but planned correctly over time the results are hopefully similar.
    • amc1
    • By amc1 8th Jun 10, 5:19 PM
    • 1,268 Posts
    • 229 Thanks
    amc1
    • #7
    • 8th Jun 10, 5:19 PM
    • #7
    • 8th Jun 10, 5:19 PM
    I have a similar question. I have a money purchase defined-contribution pension. When I retire, can I use my pension pot to buy an annuity for my wife ?
  • exil
    • #8
    • 8th Jun 10, 9:10 PM
    • #8
    • 8th Jun 10, 9:10 PM
    You can get a joint annuity. It is expensive compared to a single life one - as it will have to pay out for longer.
  • Ginger Red
    • #9
    • 9th Jun 10, 1:28 PM
    • #9
    • 9th Jun 10, 1:28 PM
    On a more serious note, with 25 years to go that should be ample time for your wife to build up a fund that will use up her age allowance - even if she is a non-tax payer she can still get basic rate tax relief on gross contributions up to £3,600 p/a. Not as simple as moving everything in one go, but planned correctly over time the results are hopefully similar.
    Originally posted by hugheskevi
    True. Although as a nurse she will get a final-salary pension which should take her up to her age allowance if the state pension is still around then. It will still leave her well short of the point at which she starts to lose her age allowance, but while she's in that £10k-£20k bracket already, I'd rather she put her money into a S&S ISA.

    Trouble is, it's very difficult to make predictions 25 years ahead...
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