The Final Countdown - any advice

bigadaj

No, you used to be able to pay into pensions for previous years but that's a fair while ago know.

Makes it a bit of a rush job at the end of the tax year if there is uncertainty over income and you want to hit a particular target, like eliminating higher rate tax, but thems the rules.

OldBeanz

Something you might consider is whether it is worth moving your smaller DB pension into a new PP. In the eight years between retiring you can draw 8*£16.6k tax free. This may be better than drawing taxable income when your SP is payable.

enthusiasticsaver

OldBeanz wrote: »

Something you might consider is whether it is worth moving your smaller DB pension into a new PP. In the eight years between retiring you can draw 8*£16.6k tax free. This may be better than drawing taxable income when your SP is payable.

I asked about moving my Barclays GMP pension years ago but was not allowed. As it has a 8.5% annual increase I am not sure if that would be a good idea anyway.

Just sent paperwork off to Halifax Sharedealing to open SIPP for 2016/17. I will do the same in May for 2017/18. Once retired it looks like I can put in £2880 and have it grossed up to £3600 and can do that every year until 75. Anyone done this?

Thanks all.