Wifes pension

TBC15

My wife will shortly be approaching 60 and has no privatepension provisions. She is currently not working. Would it be possible for her to contribute to a private pension, one of the ones where she pays £2700 ish and the government makes it up to £3600 and then cash it in as a trivial pension and get all the money out tax free?

Torry_Quine

I can't answer your question but do you realise that her state pension age isn't 60 but will be nearer to 65. This link will tell you when
https://www.gov.uk/calculate-state-pension

jem16

TBC15 wrote: »

My wife will shortly be approaching 60 and has no privatepension provisions. She is currently not working. Would it be possible for her to contribute to a private pension, one of the ones where she pays £2700 ish and the government makes it up to £3600 and then cash it in as a trivial pension and get all the money out tax free?

Yes she would be able to do that. The amount she could pay in would be £2800 which the provider will then make up to £3600. As long as her total pension pot remains below £18k she would be able to cash it in fully after reaching age 60.

jem16

Torry_Quine wrote: »

I can't answer your question but do you realise that her state pension age isn't 60 but will be nearer to 65.

What exactly has her state pension age got to do with the question?

Torry_Quine

jem16 wrote: »

What exactly has her state pension age got to do with the question?

It's called being helpful.

atush

I suppose the OP could be unaware that women no longer retire at 60 (even though the legislation was changed nearly 20 years ago?).

but yes, you can put in 2880 per year for her grossed up to 3600.

So get to it, and she will have 7200 in by the end of april.

TBC15

Thanks for the information. I was aware she would not gether state pension at 60, but you can never have too much information.

Any suggestions on a cheap provider and is this type ofpension called a steak holder pension?

jem16

TBC15 wrote: »

Any suggestions on a cheap provider and is this type ofpension called a steak holder pension?

Stakeholder pensions are not necessarily the cheapest nowadays.

Have a look at Cavendish Online.

http://www.cavendishonline.co.uk/pensions/

EdGasket

Wasn't it the Charcoal Grill that used to do those steak holders?

sorry couldn't resist it.

TBC15

Not informative, but definitely witty. Wentfor a HL Fidelity Special Situations SIPP in the end.

jem16

TBC15 wrote: »

Not informative, but definitely witty. Wentfor a HL Fidelity Special Situations SIPP in the end.

Not exactly cheap at 0.95% plus 0.45% = 1.35%.