Bear Market/Crashes: how do Retirees Deal with it?

Prism

I am also looking to move to a yearly payment into my pension. It doesn!!!8217;t seem that either platform I have (Aviva and Youinvest) make this easy to do online though. I guess it!!!8217;s a cheque

noh

Prism wrote: »

I am also looking to move to a yearly payment into my pension. It doesnt seem that either platform I have (Aviva and Youinvest) make this easy to do online though. I guess its a cheque

Youinvest allow online payments into the SIPP using a debit card.
Its not easy to navigate their site but it can be found, select
My account Cash Single payment.

Alexland

dunstonh wrote: »

Back in the day I was but as a company director, I tend to to wait to see how much money is surplus in the company before deciding how much to pay in. Much the same as many other company directors.

And I thought you would be a straight £40ker. Even if there is uncertainty surely there is a safe level of contribution you could make on a monthly basis and then a final closing contribution at the end of the year?

Thrugelmir

dunstonh wrote: »

March is a very busy month for single premium pension contributions from directors.

Now excuse me whilst I go and pick my funds from the adverts in the Telegraph

For us mere mortals. We smash open our china piggy banks and see how much loose change we've managed to accumulate from not buying a coffee at Costa in the past year. Popping into the newly opened Metro Bank branch where they conveniently provide free coin counters. Then deciding which Vanguard fund to select and deposit the funds into. Far more mundane.

Prism

noh wrote: »

Youinvest allow online payments into the SIPP using a debit card.
Its not easy to navigate their site but it can be found, select
My account Cash Single payment.

I need to pay from my company direct though which doesn’t add the 20% tax benefit. I think the only option to do that is by cheque

noh

Prism wrote: »

I need to pay from my company direct though which doesn!!!8217;t add the 20% tax benefit. I think the only option to do that is by cheque

Youre right the only option for an employers contribution is a cheque.

Thrugelmir

Prism wrote: »

I need to pay from my company direct though which doesn’t add the 20% tax benefit. I think the only option to do that is by cheque

Can you not process it through the payroll. Thereby obtaining relief at source.

Prism

Thrugelmir wrote: »

Can you not process it through the payroll. Thereby obtaining relief at source.

Oh yes that’s no problem. It’s just the slight annoyance that I have to dig the company cheque book out to make the payment into the SIPP rather than do an online transfer

dunstonh

Prism wrote: »

I need to pay from my company direct though which doesn’t add the 20% tax benefit. I think the only option to do that is by cheque

Pension contributions are treated gross. It is tax relief not a tax bonus.

With personal contributions, you pay the net contribution based on the gross amount. Tax relief is added. With employer contributions, you still pay based on the gross amount except the company gets the 20% relief through a reduction in corporation tax. In the process, you also get the money out of the company avoiding dividend tax.

You shouldnt involve payroll as a cheque/bank transfer is fine.

Terron

dunstonh wrote: »

With personal contributions, you pay the net contribution based on the gross amount. Tax relief is added. With employer contributions, you still pay based on the gross amount except the company gets the 20% relief through a reduction in corporation tax. In the process, you also get the money out of the company avoiding dividend tax.

Only 19% relief surely?