What does the Chancellors pension revolution mean for us?

Perelandra

So it looks like I'll need to wait an extra 2 years before I can take my private pension. That's another 2-years I'll need to self-fund... just missed it by a year!

.... wonder if I can set up 3 small pensions, each of £9,999 and take those early to help bridge the gap.

I'll probably switch £3k p.a. of my pension contributions to my ISA, to bolster that up to help between 55 and 57.

atush

kittie wrote: »

my question too. My sipp is small and I would like to take it all out next year

So what will you retire on then?

See, this is the problem.

harz99

kidmugsy wrote: »

"What does the Chancellors pension revolution mean for us?"

For a small subset of us, it'll mean withdrawing more per annum from our pension than expected, and seizing the chance to defer State Retirement Pension for a year or two, before starting it with Extra Pension as the reward. Lovely biscuits!

Interesting idea; love to see some example figures to show whether it would work, how much of your pension pot would be used, and how long it would be before the extra State Pension made up for the loss of capital from pot and lower pension/income from that same pot.

cepheus

This probably explains it better than any I have seen

http://www.thisismoney.co.uk/money/news/article-2584336/Pensioners-able-access-WHOLE-pension-age-55.html

nymphalisio

Quote:
Originally Posted by nymphalisio View Post
Under the new Pension rules will I be able to withdraw more, or all, of my money invested in a SIPP deal?


kidmugsy Unread Today, 5:26 PM

Certainly not. No dog lives to the required age

.

What sort of intelligent reply is that???

atush

A reply to your avatar?

patanne

If your "pension pot" is this accessible would it then be vulnerable if you go bankrupt whereas it is not normally now?

atush

from age 55 I guess? Before that , not?

nymphalisio

Who said this was my only pension pot?

I'm 67..

[Deleted User]

atush wrote: »

So what will you retire on then?

See, this is the problem.

I am already retired and have vested my sipp. I also manage my husbands large sipp. Our income needs are well covered, thank you and we have enough savings put by in case of future care needs. I vested his sipp in 2006 and it has increased in value by 60% (buying and selling shares) . It will be wonderful to not have to find ways of maximising yearly pension income from it. Mine is a relative pittance, which I will give to our children