Paying £2880 into pension when retired

jamesd

No problem to do it now. The other pension tax free lump sum will have no effect.

tempus_fugit

Great, thanks very much James.

littlebw

stoozie1 wrote: »

thank you. My parents are considering doing this, but not sure which platform to point them to. Currently HL are winning I think. Mostly because my dad is on their mailing list!

would like to know as well

thanks

civil12345

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? Thanks

xylophone

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?

civil12345

Hi xylophone

That's great thanks for the info.

weezie7

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

Ganga

weezie7 wrote: »

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.:)

dunstonh

Pretty much most stakeholder pensions would be better.

MoneySavingUser

weezie7 wrote: »

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

How old are you?