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old tax relief
Edd_m
Posts: 1 Newbie
Hi this is my first post on this forum
I took out my first pension pot aged 26 in 1983 with Barclays when I was self employed the Thatcher government at that time was giving 33% tax relief on private pensions do I still qualify or is it 25%
My other question as the pension company will charge me with huge transfer penalties can I cash it in & reinvest it in my current work place pension with BandCE which mostly serves the construction industry or pay for independent financial advice .
I took out my first pension pot aged 26 in 1983 with Barclays when I was self employed the Thatcher government at that time was giving 33% tax relief on private pensions do I still qualify or is it 25%
My other question as the pension company will charge me with huge transfer penalties can I cash it in & reinvest it in my current work place pension with BandCE which mostly serves the construction industry or pay for independent financial advice .
0
Comments
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https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief
You might be better deferring any decision on your Barclays pension until after April 6.
http://www.pensionsandannuities.co.uk/end_buy_annuity.htm
https://www.barclaysstockbrokers.co.uk/Accounts/SIPP/pages/pension-budget-changes.aspx
If you need an IFA https://www.unbiased.co.uk/
Your state pension https://www.gov.uk/new-state-pension/overview0 -
I took out my first pension pot aged 26 in 1983 with Barclays when I was self employed the Thatcher government at that time was giving 33% tax relief on private pensions do I still qualify or is it 25%
Pensions gave you tax relief on the basic rate of tax, whatever the tax rate is in that year of contributing. The basic rate of income tax hasnt been 25% for around 20 years. it is 20% and has been since around 2008.My other question as the pension company will charge me with huge transfer penalties can I cash it in & reinvest it in my current work place pension with BandCE which mostly serves the construction industry or pay for independent financial advice .
They may charge you. We dont know as we dont have access to info about your pension. However, it should be noted that the Barclays pension will be a section 226 retirement annuity contract. The B&CE scheme will likely be their stakeholder pension. So, different types of pensions with different terms potentially.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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