Tax Exempt Savings Plans [TESPs]

planteria

jamesd wrote: »

I didn't meant that but yes, within limits they can. Same for the income. Because of the potential tax benefits it can be beneficial to start taking pension income using income drawdown at 55 and recycle the income into new contributions, notably if in a salary sacrifice pension scheme where the NI gain is pure profit. More restrictions on the lump sum recycling though.

thanks james. interesting stuff. i am a good way off drawing my pension, but good to know.

planteria

patientperson wrote: »

planteria, this question is not relevant to the TESP thread.
Suggest you send me a PM on one of the BB.

well, i would not Expect any windfall, but if Friendly Societies distrubute merger/demutualisation payments they could significantly inflate the 'return' on a TESP. but if you would rather discuss privately, i entirely understand.

planteria

dunstonh wrote: »

It is required to be stated for both board rules as compliance reasons.

good. for good reason. more than fine with me.

jimjames

planteria wrote: »

of course. whether it is denied or not. i don't have a problem with that....by contributing helpfully to a forum some readers could get a positive insight into the sort of person the IFA is. or they could get a negative one.

I'd see it more as helping someone understanding the benefits of using an IFA for certain transactions rather than any direct benefit for the individual. Any posts are unlikely to generate business for that person but could do for IFAs as a whole by making it apparent that there is more to think about than just the bare facts that the OP had in mind as has been shown in various threads recently.

planteria

fair enough jimjames.

is that your understanding re. the Sum Assured in TESPs pp?

innovate

I might have missed it but I don't think we have ever seen a post from planteria that answered the question (asked several times) what the benefits / advantages of a TESP are over and beyond maxing an S&S ISA or a SIPP, and (once they are maxed) a non-wrapped self-selected investment account.

planteria, would you please

1. either post a link to your answer (which, if it exists, will make me apologise for this post)
2. or post your answer

planteria

you are definately missing something innovate....but here is a link to a TESP which you can read yourself & make your own mind up.

http://www.kingstonunity.co.uk/products/tax-exempt-saver/

personally, each year i am maxing my ISA Allowance, maxing my Pension Allowance and maxing my TESP Allowance. i am not a financial advisor.

innovate

Can you say exactly what I am missing, planteria? Apart from your answers to specific questions that have been asked multiple times?

Aegis

planteria wrote: »

you are definately missing something innovate....but here is a link to a TESP which you can read yourself & make your own mind up.

http://www.kingstonunity.co.uk/products/tax-exempt-saver/

personally, each year i am maxing my ISA Allowance, maxing my Pension Allowance and maxing my TESP Allowance. i am not a financial advisor.

Sounds awful to me. At least 10 years invested solely into a with profits fund with all the opacity and charges that go with that? My money wouldn't go in there!

planteria

you are mistaking me for someone who is obliged to answer your questions innovate. feel free to read the link.