help about pension

gadgetmind

LHW99 wrote: »

However even if not paying income tax, she can contribute to a PP or SIPP (up to about £7k pa I think, if you had that spare) and receive a payment from HMRC on top.

I'm not sure where that £7k comes from.

Someone earning £10k wouldn't be paying tax and could put £8k of that into a pension and get £2k extra in there from HMG,

Or someone earning nothing could put in £2880 and get it topped up to £3600.

Bubble123

Hi , I'm 36 and have been payin into a pension which my company match for 13 years , iv been told I can't cancel it and receive funds iv contributed ... Is that right ? I'm in financial hardship and need to sell my house.
Thank you

kidmugsy

Bubble123 wrote: »

Hi , I'm 36 and have been payin into a pension which my company match for 13 years , iv been told I can't cancel it and receive funds iv contributed ... Is that right ? I'm in financial hardship and need to sell my house.
Thank you

Unless you are terminally ill, you can't take the money out until you are 55. It's invested for your old age: that's why the taxpayer subsidises it and your employer contributes to it. It does have the advantage for you that your creditors can't get access to it.

Bubble123

Hi , I'm 36 and have been payin into a pension which my company match for 13 years , iv been told I can't cancel it and receive funds iv contributed ... Is that right ? I'm in financial hardship and need to sell my house.
Thank you

gadgetmind

kidmugsy wrote: »

the taxpayer subsidises it

Nope. The money goes in before tax but is taxed on the way out. Subsidy from taxpayer = zero.