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Paying £2880 into pension when retired
Comments
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No problem to do it now. The other pension tax free lump sum will have no effect.0
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Great, thanks very much James.
Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.0 -
Hi, reading this thread with interest. My mum is 59, on benefits with no pension provision. Can she do this? Would she be taxed initially and have to claim it back? Is there a link to the rules regarding drawdown and continuing to contribute to the pension? Thanks0
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My mum is 59, on benefits with no pension provision.
See
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/417473/pension-flexibilities-dwp-benefits.pdf
http://www.justadviser.com/documents/means-tested-benefits-and-pension-flexibility-1312231.pdf
Your mother could do it - she would be able to take the tax free lump sum and the balance as taxable income.
The tax taken on drawing the pension would almost certainly be incorrect and if so she would have to reclaim.
However, ( see links) what effect would taking the pension have on her benefits?0 -
Hi xylophone
That's great thanks for the info.0 -
Afternoon all, have read through all the pages (!), and am just in the process of going to do the £2880 into a SIPP, then will do for the next few years, whilst still a non tax payer until I become a tax payer!
1. Have read leave in cash, which means no fees - is that correct?
I know HL do a SIPP for this, but have looked at AJBell and can't see it on their site, does anyone know if they offer a SIPP that you can leave in cash? (I can see their fees are less than HL!).
Thanks0 -
Afternoon all, have read through all the pages (!), and am just in the process of going to do the £2880 into a SIPP, then will do for the next few years, whilst still a non tax payer until I become a tax payer!
1. Have read leave in cash, which means no fees - is that correct?
I know HL do a SIPP for this, but have looked at AJBell and can't see it on their site, does anyone know if they offer a SIPP that you can leave in cash? (I can see their fees are less than HL!).
Thanks
I think Virgin Money only charge 1% so might be cheaper.:)0 -
Pretty much most stakeholder pensions would be better.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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How old are you?Afternoon all, have read through all the pages (!), and am just in the process of going to do the £2880 into a SIPP, then will do for the next few years, whilst still a non tax payer until I become a tax payer!
1. Have read leave in cash, which means no fees - is that correct?
I know HL do a SIPP for this, but have looked at AJBell and can't see it on their site, does anyone know if they offer a SIPP that you can leave in cash? (I can see their fees are less than HL!).
Thanks0
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