Paying £2880 into pension when retired

moneyfoolish

xylophone wrote: »

For your wife to commence access? Yes, you do.

How do you do that. Is it via an email to HL or something on the system? We created a SIPP online for my wife and put in the £2880 by debit card yesterday and have now received confirmation that it has been setup. However, when I log in it just shows that amount as available to invest and cash on capital account as zero.

moneyfoolish

TBC15 wrote: »

Illustration promptly requested. New to all this, so learning all the time.

I've just found this on the system and I just said an amount of £10000 and income requirement of nil! I received a message saying they will post the illustration. What happens after that?

xylophone

I received a message saying they will post the illustration. What happens after that?

The SIPP holder reads the information and completes a form which is returned to HL.

moneyfoolish

xylophone wrote: »

The SIPP holder reads the information and completes a form which is returned to HL.

1. Does it matter that the numbers I put down were meaningless?
2. When do I reach the point that HL will ask for the £720 to be added to the £2880?
3. What are the mechanics of the account i.e. Will I see an entry under Cash for the money showing as currently available for investment? After we draw the £900 (presumably tax free) will the rest of the money move into another drawdown account which will be seperate to the new money which we input as cash after April 5th?

xylophone

http://www.hl.co.uk/pensions/sipp/frequently-asked-questions

under tax relief.

The SIPP holder will be sent full details of drawdown administration and can ring HL to clarify any points not understood.

missile

moneyfoolish wrote: »

1. Does it matter that the numbers I put down were meaningless? Why would you do that?
2. When do I reach the point that HL will ask for the £720 to be added to the £2880? It can take circa 6 weeks for HMRC contribution
3. What are the mechanics of the account i.e. Will I see an entry under Cash for the money showing as currently available for investment? After we draw the £900 (presumably tax free) will the rest of the money move into another drawdown account which will be seperate to the new money which we input as cash after April 5th? You see the funds in a SIPP account, you then apply to transfer to a SIPP Drawdown account fill in a risk assessment and then a form to have cash paid to your bank as account. You can deposit, but it takes time to arrange withdrawal and you are too late to draw cash before April 05th.

Based on my experience

RADDERS

I opened a SIPP with Hargreaves Lansdown last week and was told that the HMRC tax relief would be credited on 24 or 26 April, no rush as I cannot start drawdown until next year so will wait and see.

ss53

Just about to arrange this for my wife. I assume references in the thread to Virgin SIPP actually mean Virgins Personal Pension as I don't see a SIPP offering.

jamesd

Right, it's their personal pension, they have never offered a SIPP.

Sipowicz

Just opened one for my wife, pleasantly surprised at how easy it was.