My dad's private pensions

Francesanne

migwella76 wrote: »

I totally agree. I said they should get a new car on a lease but my Dad gets all 'grrr it would just be throwing money away, it would get scratched and they would charge you more for it'.

They could afford it as is without cashing the pensions but the principle remains the same to him.

To be fair to him though if we all lived a bit more like him then the term 'Credit Crunch' wouldn't exist.

Thank you all for your replies.

So the 55% tax only applies if the pot is cashed in total rather than draw a pension?

Could he cash the pots in total now so as to only be taxed at 35% or even at 55% after April 6th?

I can understand your Dad's thinking and it's probably too late for him to change. Just know so many elderly people that could be comfortable & able to indulge themselves but seem to hate spending money on themselves. He's probably thinking of your mum & his children.

SeniorSam

Hey Mig,

I totally agree............... Bigsmac would seem to be a poor adviser, or perhaps a little immature, if he just makes quick comments like that without answering your specific questions and then, perhaps, asking about the health of your father.
Sam

migwella76

Thanks again for your replies.

With my Dad he has a pot of c.£45k in his pension pot.

Being the kind of guy he is, he would spin in his grave if he thought that the pension companies kept all the money that he has provided them with over the years.

His key aim is to get as much as he can from the pot ... without dying before he is 75 or 77 or whatever the law is now.

We are reluctant to get IFA advise as it's hard to believe someone doesn't give advise for free and wouldn't want to gain themselves from their advise. The last few years have made us all suspicious of the financial industry as a whole.

He asks me to find out ... but I am clueless. I just look at various links and posts and end up confused. I look at him with a 'come on, you're the pensioner, you should be telling me what to do!!'