old tax relief

Edd_m

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 .

xylophone

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/overview

dunstonh

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.