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Buying Extra Pension or not?
Comments
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Please get him to contribute to some pension next week.
100 into a pension will cost only 60. A no brainer0 -
... he can do nice things like paying money into a pension then after accumulating sufficient pot size, going into income drawdown and taking a 25% tax free lump sum. Then he can recycle the drawdown income into more pension contributions to get a second lot of tax relief on the same money. ..
Could I just clarify that this is possible with Income Drawdown but not Flexible Drawdown? i.e. Once you start Flex DD you cant make further pension contributions?
Many Thanks
Alan0 -
Yes. No pension contributions permitted in the tax year of starting flexible drawdown or ever again for life. Including none from work, which includes work defined benefit pension schemes.0
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Thank you for all the really helpful advice. Pension seems the way to go so that is the task for tomorrow :beer:
Aquamarina x0
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