Teachers Pension and SIPP contributions.

BobQ

Rheumatoid wrote: »

good point about the figure being higher than my own contribution after tax relief. Presume I use my contribution + the 25% my SIPP provider reclaims. Presumably if I don't contribute the other 15% I claw back through my tax code I don't have to add that in?

Excuse my ignorance but what is AA-Y?

Correct.

Sorry what I meant to say was

Annual Allowance (AA) less the amount you added to your Defined Benefit TPS in the Pensions Input Period (Y-X in my previous post).

You also need to include any other pensions you have in that calculation.

zagubov

Rheumatoid wrote: »

I have bought as many added/missing years as I can and took out an FSAVC around 25 years ago. I transferred that in to my SIPP early last year as it wasn't massive and wasn't doing great. Annuity rates are also likely to be poor so I thought I would see if I could do better myself - guess I got lucky as its grown 25% since then! Just in the process of shifting in to more conservative funds to try and hold on to the gains.
The SIPP is only a bonus and may not need it but thought I may as well take advantage of the tax benefits whilst I can and other places to put my money aren't particularly appealing. I already have a good proportion in cash and other investments as well.

I've a few past-added years on top of my Teachers Pension, but also have two small policies, an underperforming endowment policy and a small AVC. Got me thinking if I should explore a SIPP.

chucknorris

zagubov wrote: »

I've a few past-added years on top of my Teachers Pension, but also have two small policies, an underperforming endowment policy and a small AVC. Got me thinking if I should explore a SIPP.

When you look at the various fee structures for SIPPS (same obviously applies to SS ISA's), also check out the the 'fee cap, if there is one' if you have enough invested even when the headline fee rate is higher, the actual paid fee is lower sometimes when it is capped. Also look at EFT's, the fees are lower for me at Hargreaves Lansdown (and I guess other places too), I only pay for the buying and selling, and the annual SIPP fee (which is capped at £200 per annum.