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Sipp Confusion
Comments
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Confused? You will be! ............ still am a little, but hopefully a chat with HL tomorrow may help...... should have thought about tis a few weeks ago as time is running out this year and only another year to get tax allowance on contributions.
Don't really need to drawdown as such just yet. When the earned income part stops in the next year or so, will then replace that from this pension, but have a State pension of £316.87 pw from this April plus spouse's pension etc.
Thanks for your help.
SamI'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.0 -
You may want to consider whether you want to contribute to a pension of your wife's before she reaches 75 too.Free the dunston one next time too.0
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kidmugsy ... thanks for that, but will concentrate on my SIPP with such a short time left.
I have also just been reading the Daily Mail 'PERSONAL FINANCE SPECIAL ISSUE' in todays Sunday Mail. Not something I usually buy, but the issue is particularly informative and I have picked up a few more pointers on pensions. Definately a good read.I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.0 -
Have checked with HL and I can carry forward under the £40 rule for this SIPP, so that's one question out of the way.
Half thinking, do I do it now, or just use ISA's in the same funds. Possibly the pension would be better as no charges to invest and no charges to withdraw, but may have charges doing another ISA?I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.0 -
Pension for the tax relief. You can always fill isas with the TFLS you have left to take.0
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My thoughts at the moment are tax alowance on investment 20%, tah charged on income 20%, but at 74 am I just as better off with S&S Isa's in the same funds, or is it better to have the exra 20% to grow before drawing on it?
Thinking of using 20k of my Premium bonds pot.I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.0
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