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Pension Triviality Rules - How to Make Money!

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  • Paul_Varjak
    Paul_Varjak Posts: 4,627 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    dunstonh wrote:
    Nope, nothing to do with carryback.

    You have the current tax year and the next two to make contributions ready for the new rules.

    Thank you - I was being stupid! But I am learning a lot from you though!
  • isasmurf
    isasmurf Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    The question I have is: Can I get a pension now, cash-in the entire pension pot on, say, April 6, 2006 (assuming I was 60 by then) and then use that money to buy another pension (with all the tax-saving benefits) and keep doing this until I am 75?

    Are the triviality rules just a one-off benefit?
    Unless things have changed, you can only take Trivial Commutation post 2006 in one 12 month period.
  • Paul_Varjak
    Paul_Varjak Posts: 4,627 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Thanks, isasmurf!

    If I could think of this within minutes of reading about SIPPS for the first time - I thought the legislators would have realised the possible loopholes too!

    Anyway, will have to put a note in my diary for when I hit 59 to at least do what dustonh suggests!

    Meanwhile, back to the ISAs!
  • quisquis
    quisquis Posts: 13 Forumite
    Other sources seem to think the figure is £18,000. The link with the minimum is being broken in April 2010, and the current figure of £18K remains.
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    quisquis wrote: »
    Other sources seem to think the figure is £18,000. The link with the minimum is being broken in April 2010, and the current figure of £18K remains.
    5 years and 10 months to post a response. It this a record?
    .....under construction.... COVID is a [discontinued] scam
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The figure was £15,000 when the posts were made. It's currently £18,000 and proposed changes will keep it at that instead of reducing it to £15,000 when the lifetime allowance is reduced to £1.5 million in proposed legislation.
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