Split Pension with Wife - Possible?

jamesd

marklv, everyone is entitled to try to maximise their benefits and we really don't know how BeatTheSystem accumulated that pension pot. It could be through investing say 70-80% of income as I've been doing. Or a highly skilled job or both.

BeatTheSystem

jamesd wrote: »

marklv, everyone is entitled to try to maximise their benefits and we really don't know how BeatTheSystem accumulated that pension pot. It could be through investing say 70-80% of income as I've been doing. Or a highly skilled job or both.

It has been through salary sacrifice and truly excellent employer contributions in lieu of bonus with full NI uplift, over a few years (10) it soon mounts up.

I have sacrificed over 50% of my salary this year and similar amounts in previous years.

I did recognise some years ago, that right now with the current rules it seems sensble to maximise tax rebates whilst they last. My predication is that higher rate tax relief will disappear for pension contributions so at the expence of quality of life today I am maximising my contributions.

Thanks for your comments

BeatTheSystem

marklv wrote: »

I would stop making an issue out of this if I were you - you won't get much sympathy from most people here. If your wife needs money in retirement, your massive pension of £80k a year plus her much smaller one should be plenty for both of you, regardless of children's university fees, golf club subscriptions or anything else. Consider yourself very fortunate to have such a colossal pension fund at your relatively tender age.

Thank you for your response.

I understand where you are coming from, I have been lucky with investment returns, but in addition to good bonuses I have sacrificed a lot of PAYE in order to get to this position.

I dont have a golf membership, my car is 10 years old, my kids dont go to private schools and I am a tee totaller, and dont smoke - pretty boring in fact.

I do feel sorry for people with meagre pensions, but I have consistently contributed since age 18 and to some extent have made my own luck.

I still think pension pots should be shareable between married persons, even for basic rate tax payers this would help maximise income.