Three Santander 123?

Hasbeen

YorkshireBoy wrote: »

I'm not sure I understand where you're going? To me the rules, backed up by anecdotal evidence on here, are very simple...

1. If he has a sole account, he can open a joint account.

2. If he has a joint account, he can open a sole account.

Those are the only permutations aren't they?

Thank you for clarifying
Simple answer then is, if not sole investor op can open joint, understand now!

bundly

My main problem is that money matters confuse and bore me in equal parts. I don't understand much of the terminology and find myself "reading" and yet at the end I haven't understood more than 10% of it.

Maybe a SIPP is too complex for my figures-hating brain?

I am now looking at this

http://www.hl.co.uk/pensions/sipp

... but would still rather just stick it in some deposit account I can look at online - unless a SIPP makes me massive profits, of course!

How to do?

Eco_Miser

Well, a Self-Invested Personal Pension, (or you could just use a Personal Pension for less complication) lets a Basic-Rate taxpayer pay only 80% of what gets invested (taxman pays the other 20%), then effectively pay only 15% when they draw it out (or less or more depending on their tax position then).
I don't know where your friend got £4000 from, there's nothing special about that amount - the limit is the lesser £40,000 or your gross wage for the financial year

bundly

Eco_Miser wrote: »

Well, a Self-Invested Personal Pension, (or you could just use a Personal Pension for less complication) lets a Basic-Rate taxpayer pay only 80% of what gets invested (taxman pays the other 20%), then effectively pay only 15% when they draw it out (or less or more depending on their tax position then).
I don't know where your friend got £4000 from, there's nothing special about that amount - the limit is the lesser £40,000 or your gross wage for the financial year

Maybe he plucked it out of the air as an example.

I am self employed, so what would my limit be, please?

I am interested in the SIPP is I can get it all managed for me by a company.

B.

bigadaj

bundly wrote: »

Maybe he plucked it out of the air as an example.

I am self employed, so what would my limit be, please?

I am interested in the SIPP is I can get it all managed for me by a company.

B.

Your limit would be your earnings in that year assuming you don't earn over £40000, though could be higher if you haven't used your full allowance over the previous few years.

A sipp begins with the word self, so the company just administrates the pension, you have to choose what goes in it. You can hold just cash, particularly if you are only holding it for a short time, but otherwise someone has to choose what you invest in, this can be done by using an ifa though they will obviously charge for their time.

bundly

Maybe it is best if I phone up Hargeaves and Lansdown?