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What does the Chancellors pension revolution mean for us?
Comments
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This is probably an idiotic question (from a pensions ignoramus) but if you decide to take just the tax free lump sum in the 1st year of retirement, does the remaining amount stay with the pensions company to be invested and you take an amount out each year? Or do you have to invest it or keep it (?) yourself eg in a savings account?0
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Who is DH?0
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This is probably an idiotic question (from a pensions ignoramus) but if you decide to take just the tax free lump sum in the 1st year of retirement, does the remaining amount stay with the pensions company to be invested and you take an amount out each year? Or do you have to invest it or keep it (?) yourself eg in a savings account?
It stays in the pension until you withdraw it. Withdrawing over multiple years means you will pay less tax than withdrawing all at once.
It is a good question - one I have just asked myself.0 -
This is probably an idiotic question (from a pensions ignoramus) but if you decide to take just the tax free lump sum in the 1st year of retirement, does the remaining amount stay with the pensions company to be invested and you take an amount out each year? Or do you have to invest it or keep it (?) yourself eg in a savings account?
If it's in a SIPP it doesn't have to be invested it could be all in cash but the interest earned is next to nothing.0 -
It stays inthe pesnion int a pension account called a Drawdown pension. They have them now, but at the moment the amt you can take out each year is limited.
Like now, you can choose the type of investments it will be in.0 -
Sorry DH is dunstonh - stalwart, tireless, patient fielder of perennial can I cash in my pension questions.
I reckon he finally persuaded the Chancellor to give in.0 -
So Sally G is married to Dunston H but kept her maiden initial? They kept that quiet.0
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Oops I seem to have inadvertently started a rumour
"Save £12k in 2019" #120 - £100,699.57/£100,0000
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