Pension Triviality Rules - How to Make Money!

Paul_Varjak

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

Paul_Varjak wrote:

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

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

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

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?

jamesd

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.