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Can We Take a Lump Sum
Comments
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I see. Yes he is a self employed contractor, works on new builds. Work is unreliable so its difficult to predict/plan anything.The forest would be very silent if no birds sang except for the birds that sang the best0
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be careful with this one when listening to info here..
everyone is telling you to keep the amount under £18,000 forgetting the fact that the lifetime allowance is dropping and from April 2012 the amount will drop to £15,000 max for trivial commutation. So if hes planning to take it now £18,000 is currently the figure, but this time next year it will be lower.
What dunston said in #27 - the triviality limit will be decoupled from the lifetime allowance when the LTA drops next April. The triviality limit will remain (subject to no further political interference) at £18k.It only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.
Johnny Was. Once.
Why did he think "systolic" ?0 -
subject to no further political interference
Oh what a world that would be.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Oh what a world that would be.
:rotfl:
Even for the space of one parliament would be nice. But that would have to be the next one because they've already bu99ered about with the LTA & the AA & the RPI/CPI in this one.It only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.
Johnny Was. Once.
Why did he think "systolic" ?0 -
If your husband does work on after 65 then his earnings might use up his Personal Allowance against income tax, so that he'd have to pay tax on 75% of the "triviality" sum. If you can afford to do so, it might be best just to wait and see.Free the dunston one next time too.0
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We've decided we are going to add to the pension what we can afford and wait to see what happens. We certainly won't be able to go over £18,000 so at some point it will be taken as a triviality payment.The forest would be very silent if no birds sang except for the birds that sang the best0
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One word of caution. Do check whether one can cash-in a single pension in two bites of the cherry, or whether to take triviality in two goes requires that the pensions be with different firms. (I plead ignorance: can anyone else help?)Free the dunston one next time too.0
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You can have multiple pensions and do it but it has to be within a 12 month period. i.e. you cant do one now and another in 2 years.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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