We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Investing in my wife's pension?
chucknorris
Posts: 10,795 Forumite
Can anyone fault my logic here:
I would retire in about 4 years aged 60 but I want to carry on investing in my SIPP at the rate of £28k (topping up from my DB pension up to the £40k max pension tax relief cap).
My wife however doesn't invest that much in her pension (she is also a 40% tax payer), she is 44 so could access her pension in 11 years. I was thinking of paying into her pension up to the £40k (£50k this year) with the idea of her accessing it aged 55, so I could retire at 60 more or less in the same position as if I had worked on to state pension age. I've only just thought of this so quite possibly I have overlooked something (apart from the risk of splitting up and it is in her name and future rule changes).
EDIT: what (if any) restrictions would it impose upon my wife's other pensions, if she accessed a sip aged 55?
I would retire in about 4 years aged 60 but I want to carry on investing in my SIPP at the rate of £28k (topping up from my DB pension up to the £40k max pension tax relief cap).
My wife however doesn't invest that much in her pension (she is also a 40% tax payer), she is 44 so could access her pension in 11 years. I was thinking of paying into her pension up to the £40k (£50k this year) with the idea of her accessing it aged 55, so I could retire at 60 more or less in the same position as if I had worked on to state pension age. I've only just thought of this so quite possibly I have overlooked something (apart from the risk of splitting up and it is in her name and future rule changes).
EDIT: what (if any) restrictions would it impose upon my wife's other pensions, if she accessed a sip aged 55?
Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
0
Comments
-
This appears to be the plan of a number of people on here so do it this financial year.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards