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Wifes pension

TBC15 · 2014-03-08 18:06:45

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…

Comments

TBC15 Posts: 1,506 Forumite

15 March 2014 at 5:04PM

Ah cunning plan starts to get complicated.

Is the tax taken off on payment and she will have to claim it back based on her tax allowance for that year. Wife has no income for year trivial pension is cashed in.

Would there be any advantages in creating 2 trivial pensions worth less than 18K in total and cashing them in over 2 tax years?

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