22 Foxhole East

KajiKita

f0xh0les said:

When will I ever learn to keep my big mouth shut?

Uh oh ….

You okay? Ear here if needed. If not, a hug x

KK 

f0xh0les

Just got patronised on the Pension board.  I will survive. 🤣🤣

badmemory

They aren't as nice as we are!  But are very well intentioned.  They try to point people in the best direction.  But sense of humour bypass often.  I had a quick peek & you had the very best of the best answering.  Just wait until some clever clogs comes on and tells somebody wrongly.  It is unfortunate that there are only 3 working days left of the tax year though. 

Viking_mfw

f0xh0les said:

Just got patronised on the Pension board.  I will survive. 🤣🤣

I thought your comeback snappy. 

It's probably too late for this year, but i think you can use carry forward for unused pension allowance from previous years (although all i can find currently refers to the 60k max yearly pension contribution). I would also recommend looking at Alan and Katie Donegan's Rebel Finance School (free course) to figure out what sipp to get, what fund to put it in. 

f0xh0les

The suggestion that it was unwise not to link my finances to DH is just so laughable.  I know he earns a lot, but he has only just stopped spending every penny he has left -, and still panics and scrabbles about to pay his cc. He is loads better than he was, but DH is a spender. 
Apart from that, he has HIS pension, I  wanted advice on a pension for ME that I can stuff before 5/4. The workplace pension will come when I get a proper grown up full-time job.  Oh well, I tried, but I think a sneaky SIPP will be my best bet, even if I only fund it with £25 a month when the work pension gets going properly. 

bizzie

Have posted on here in the past and love reading your thread as I can relate as being mum of 4 myself.
My tuppence worth - I'm a low earner and use the HL SIPP ( if you keep it as cash no fees are payable and interest rate currently above 3% ) as a way of providing some pension provision for my future.
Initially after much dithering I set it up and funded using a debit card in a matter of minutes some years ago on the penultimate day of the financial year - the beauty of 'tinernet.

mark55man

Viking_mfw said:

f0xh0les said:

Just got patronised on the Pension board.  I will survive. 🤣🤣

I thought your comeback snappy. 

It's probably too late for this year, but i think you can use carry forward for unused pension allowance from previous years (although all i can find currently refers to the 60k max yearly pension contribution). I would also recommend looking at Alan and Katie Donegan's Rebel Finance School (free course) to figure out what sipp to get, what fund to put it in. 

You have an annual allowance of £60K (previously £40K) that can be carried back 3 years.  However you can only contribute up to your earned income in the year you contribute so there is a timing effect.  However, assuming you weren't planning on delivering all of your this years income into the SIPP then I'm not sure the timing effect matters that much to you as you can just double up next year (assuming <£60K and your earned income)

I'll go and look on the pensions board and have a read, usually not a board with much energy although usually a small number of super knowledgeable people will give you good advice.  I'm sure they wouldn't want to have patronised you, but pensions are a topic where there is a lot of moving parts that don't always seem obvious because the system is the result of much tinkering.  So common sense often isn't helpful it is what it is

f0xh0les

I have a pension!  Well, I have a SIPP which I funded with £2400 and the 'free top up' will be £600 so it now has £3000 in there.  It is a start.  Holy Martin says when you start paying in to a pension, you should take your age, and half it, and that is the % of your earnings that should be going into your pension.  I know that probably means full time, average salary, but that is 75% of my total earnings last financial year.  So it is a win for me to have actually done it and I am happy that I have done it.

Those good old premium bonds won me £600 this month, and that will pay for the 2 remaining carpets, and new blinds for the top floor. Cost neutral (in my head).  Progress is being made - slow progress - but all in the right direction.

Two big bags of books left the house for the charity shop this morning, one bag of 'rags' went too, and one big bag of soft plastics to the in-store recycling in the supermarket. There is not much that actually goes in our rubbish bin.

More stuff will leave the house tomorrow, I have a bag of clothes, and a bag of bric-a-brac to donate, and a box full of broken electricals, and a mattress springs to go in the metal recycling  bin at the tip.  Then my stairs and landings will be much more navigable in the dark!

mark55man

Even if you have no earned income you are allowed to pay in £3600  gross or £2880 net which the HMRC will top up.  If you have taxable income but have still not yet crossed your personal allowance then you still get the rebate, which I think is sweet.  Earned income excludes savings and pensions.  I don't know about benefits. 

f0xh0les

From HMRC website; Non tax payers can get tax relief at 20% on the first £2,880 paid into a pension each year if both the following apply, 1, low income non tax payer and 2, pension provider claims tax relief (20%) at source.

So I can put another £420 in if I want to before Friday- I think .

The pension board was good, as I got confirmation that the workplace pension I was offered is practically worthless for me.  I had suspected this but glad to have it confirmed.  It also made DH take a closer look at his pension.  Turns out for every £300 odd he puts in, his employer will put in £700 so he has decided to increase his contributions instead of fretting about putting in some for me.  He just needs to pay more in, and not run off with a leggy blonde before he draws any down.

 I don't receive any benefits except child benefit,  I have too much in savings for any kind of means tested benefit, and I do not qualify for new JSA because I am on the books with my very part time job which I do around 5 weeks a year. 

 I am not taxed on my savings as I have them in PBs and ISAs (not to forget the mortgage-free house)

I had to pay into the pension this financial year,  it was the sensible thing to do, and I was happy to do it ....... but I also need to get on with saving for the bathroom asap.  It is urgent. It is the next big ticket thing that I cannot do myself.

Maybe 2024 will be the year that I earn enough to rejoin the tax payers.    I think it is probably about time.