Full pension withdrawal avoiding 40% rate

redux

Invest a few quid in new trousers.

The pockets are burnt out on the ones you're wearing at the moment.

webtrekker

What's the big deal in giving 9k to HMRC now as compared to possibly dropping down dead in a year or two and giving everything away?

I'm not really ineterested in any schemes that rely on me living for x amount of years in order to get this money. I don't regard it as 'MY' money. It belongs to us all as a family and I want us all to benefit from it as much as possible, even if that's going to cost me 9k initially. It still leaves a good sum of money that the government and HMRC can't get their grubby little hands on.

I've read that two-thirds of all people in my situation have taken the whole lot as a lump sum. Whether I'm right or wrong in doing this I don't know, but at least I know I'm in the majority! Many of you will be a lot younger than me but, believe me, when you get to my age some things just seem to complicated to get your head around and you get to the point where you say 'Stuff it. I've had enough. Give me my money.'

So, thanks for all the great advice. I really do appreciate it but I'd rather take as much as I can now, when I can still get some enjoyment from it, than take the risk of snuffing it and lose the lot.

atush

Giving everything away to who? It will go to your family TAX FREE?

You want to get it, lose 9K of it, and spend it now while you can but what about your family? What is best for them?

Not wasting 9K of it, and not spending it all either.

jem16

webtrekker wrote: »

What's the big deal in giving 9k to HMRC now as compared to possibly dropping down dead in a year or two and giving everything away?

Have you read the rules on death benefits within a SIPP? Assuming death under age 75, all of the pot would pass to your family tax-free. So if that's what you are worried about you are worrying needlessly.

Perhaps read up on it and come back here;

http://www.hl.co.uk/pensions/drawdown/what-happens-when-i-die

webtrekker

All sorted. Gone for a TFLS and Drawdown. Wasted 6 months with a Newcastle Building Society IFA. New IFA sorted everything in 6 weeks.

Just like to say: The new pension rules are p*ss-poor. No matter what promises are made online and on TV and Radio, the fact is that your hands are tied and, in most cases, you cannot do what you had envisaged. The whole thing is a rip-off designed to line the pockets of others from YOUR pension.

The End.

mgdavid

webtrekker wrote: »

All sorted. Gone for a TFLS and Drawdown. Wasted 6 months with a Newcastle Building Society IFA. New IFA sorted everything in 6 weeks.

Just like to say: The new pension rules are p*ss-poor. No matter what promises are made online and on TV and Radio, the fact is that your hands are tied and, in most cases, you cannot do what you had envisaged. The whole thing is a rip-off designed to line the pockets of others from YOUR pension.

The End.

The end for you perhaps, but for anyone reading this later it's worth pointing out that your opinion is not based on any facts at all but possibly on misunderstandings or lack of comprehension leading to false expectations.

greenglide

Wasted 6 months with a Newcastle Building Society IFA.

Would the Newcastle Building Society have a proper IFA anyway?

atush

Exactly, you wasted time with a tied agent NOT an IFA at all.

webtrekker

mgdavid wrote: »

The end for you perhaps, but for anyone reading this later it's worth pointing out that your opinion is not based on any facts at all but possibly on misunderstandings or lack of comprehension leading to false expectations.

Quite possibly true, along with many thousands of others.