We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
CETV - What are you allowed to do with the money..
Stubod
Posts: 2,650 Forumite
Hi, and appols if this is a dumb question.
....assuming you did take take a CETV, and I am aware that you have to use a qualified FA, but what are you actually "allowed" to do with the funds when you get them?....I am assuming you can't just stick the money into a savings account? (nb I am not saying I would want to...just interested in what restrictions (if any) there are).
....assuming you did take take a CETV, and I am aware that you have to use a qualified FA, but what are you actually "allowed" to do with the funds when you get them?....I am assuming you can't just stick the money into a savings account? (nb I am not saying I would want to...just interested in what restrictions (if any) there are).
.."It's everybody's fault but mine...."
0
Comments
-
AFAIK you would have to transfer it to another pension scheme.
From there, you are allowed to do with it whatever the law says, eg if you are under 55, it stays in the pension fund, over 55 take as much as you want out with the tax implications that go with that.0 -
Whatever you like if you are over 55 (depending on whether you mean all the possible options open to you).but what are you actually "allowed" to do with the funds when you get them?
You can but it would be an utterly ridiculous thing to do.I am assuming you can't just stick the money into a savings account?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 -
Isn't it compulsory to buy a Lamborghini?0
-
PeacefulWaters wrote: »Isn't it compulsory to buy a Lamborghini?
No, all funds must be transferred to my personal account.0 -
PeacefulWaters wrote: »Isn't it compulsory to buy a Lamborghini?
The SIPP could always operate as classic car hire business.0 -
...brill!!!!! many thanks for all the replies.
....I am well over 55, so where is the nearest Lambo showroom please? (....and what pills can I take to enable my aged joints to get me in and out of it without too much pain....)..."It's everybody's fault but mine...."0 -
...brill!!!!! many thanks for all the replies.
....I am well over 55, so where is the nearest Lambo showroom please? (....and what pills can I take to enable my aged joints to get me in and out of it without too much pain....).
Though in the sums required for a Lamborghini you'll be paying 45% on a chunk so it'll be a it painful anyway, though we should salute you for your generosity as taxpayers.0 -
..perhaps a 2nd hand one then......"It's everybody's fault but mine...."0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.3K Banking & Borrowing
- 254K Reduce Debt & Boost Income
- 454.9K Spending & Discounts
- 246.3K Work, Benefits & Business
- 602.5K Mortgages, Homes & Bills
- 177.9K Life & Family
- 260.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards