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What does the Chancellors pension revolution mean for us?
Comments
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can i ask a question please, i have aprox £18000 in a personal pension and i am 56 years old, do the changes mean i can draw all of that £18000 now, but i have to pay 20% tax on it or have i got it wrong?
thanks very much
BillSmile and be happy, things can usually get worse!0 -
I said all that needed to be said on this MSE thread.
The upshot of this budget is that the scam known as private pensions is coming to an end, and not before time. The ability to draw down all your pot if you want to is fantastic news.
It means that alternative ways of saving for retirement will now have be looked at.
For me however, the greatest joy is knowing that the usual suspects scams are ending. Yaaaaaaaayy
..._
what a complete load of rubbish as usual. This makes pensions a BETTER idea as they will be more flexible.0 -
can i ask a question please, i have aprox £18000 in a personal pension and i am 56 years old, do the changes mean i can draw all of that £18000 now, but i have to pay 20% tax on it or have i got it wrong?
thanks very much
Bill
Current rules as of today, are that you can have the entire 18K pension at age 60. But only if this is your only 18K
as you are only 56, you'll have to wait until next year.
And you need to ask yourself, will you ever be able to afford to stop working?0 -
No, with the proposed changes from ISA's to NISA's it makes them a better vehicle. With the added advantage that you have total control of your savings and don't have to wait till 55, 57, or 157 to get your hands on your capital.what a complete load of rubbish as usual. This makes pensions a BETTER idea as they will be more flexible.
..._0 -
Yes, you do have to wait til 55 (and 57 if you are yonnger than 41 now)I think he is agreeing with you!
No he is saying you can take the money out and put it in gold?0 -
No, with the proposed changes from ISA's to NISA's it makes them a better vehicle. With the added advantage that you have total control of your savings and don't have to wait till 55, 57, or 157 to get your hands on your capital.
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My wife pays no income tax, she can pay into a pension, automatically get an extra 25% and withdraw the money pretty quickly during retirement and not pay any income tax on it. Basically 25% extra money for free.0 -
sorry i dont understand you say i can draw the entire ammount when im 60 but then say " as you are 56 you will have to wait until next year" ?Current rules as of today, are that you can have the entire 18K pension at age 60. But only if this is your only 18K
as you are only 56, you'll have to wait until next year.
And you need to ask yourself, will you ever be able to afford to stop working?Smile and be happy, things can usually get worse!0
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