Retirement - Pensions - ISAs??

AlanP_2

jem16 wrote: »

It's been stopped for new applications from April 2014. If you have already got one it will continue - at least for the moment.

Ah - That may mean she is OK then. I will have to check the start date for her AVC scheme but I think it was prior to that.

Do you know if that means new investments added to the same pot post April-14 can be used that way or was it frozen at the size of the pot as at that date in some way?

jem16

AlanP wrote: »

Do you know if that means new investments added to the same pot post April-14 can be used that way or was it frozen at the size of the pot as at that date in some way?

As far as I know it continues in the same way.

Do remember though that if there is entitlement to an automatic lump sum from the LGPS you can't not take that. The AVC pot would have to be used if you wanted extra lump sum and it saves commuting some pension.

AlanP_2

jem16 wrote: »

As far as I know it continues in the same way.

Do remember though that if there is entitlement to an automatic lump sum from the LGPS you can't not take that.

Thanks Jem16 - Small automatic element as some service is pre 2008.

Thrugelmir

AlanP wrote: »

with the State Pension coming online at £7.5k each.

Worth checking is this is the case. If you've been contracted out for many years.

pandora205

jem is correct - tax free lump sum option on AVCs continues for LGPS subscribers who have contributed before Apr 2014. this option is no longer available for new subscribers. hopefully it will continue as it is a good deal for higher rate tax payers.

AlanP_2

As I have just had (forcefully) pointed out to - "Do you think it's just luck that I joined in March 2014".

Maybe I should just leave all of this to her

atush

enjoyyourshoes wrote: »

SIPP would provide another additional benefits

you don't buy annuity, thus the pot of money is yours & can use draw down or flexible draw down to assist.

Pot money forms part of estate and not disappear when you both die unlike your employer pensions

Also can access it fro the age of 55

As discussed get benefits from tax relief, 40% in wifes name !

Rubbish. A sipp doesn't give those things. Any personal or DC pension does.

Annuities have not needed to be bought for years.

Pot money is OUTSIDE of any estate not in it

p00hsticks

Thrugelmir wrote: »

Worth checking is this is the case. If you've been contracted out for many years.

agreed - don't fall in to the trap of assuming you'll automatically get the headline figure of £148+ - chances are that, after deductions for contracting out are taken, the amount under the new rules could be significantly less. You may find that the foundation amount calculated under the existing rules at the time of the switch will be higher (in which case I understand that that's what you'll get)