SIPPs

Clive_Woody

FatherAbraham wrote: »

You asked specifically about charges...

You're focusing on SIPPs, which is a little over-specific - any type of personal pension would do, and some general personal pensions may beat a SIPP hands down on charges for small pot sizes.

Thanks....very naive question, would she also get the same tax relief on a personal pension as she would with a SIPP?

Apologies for the basic questions as my pensions are employer pensions so I have been relatively passive apart from paying in and watching them grow.

kidmugsy

Clive_Woody wrote: »

Thanks. The VLS is held directly with Vanguard and I don't think they currently offer SIPPs

They have said that they are going to launch a SIPP in 18/19.

Clive_Woody wrote: »

would she also get the same tax relief on a personal pension as she would with a SIPP?

Yes, and indeed the same too with a Stakeholder Pension.

dunstonh

SIPPs are a minority option. Stakeholder pensions, personal pensions and workplace pensions are where most of the money goes. They all have the same tax rules. They are just variations on how they invest and what FSCS protection exists.

woolly_wombat

Does your wife work in a state school? If so then is she a member of the LGPS (Local Government Pension Scheme).

LGPS, if eligible, should be her first port of call, topped up with Sipp/personal pension/stakeholder pension.

Cockney9654

1) Is it possible to transfer cash from a SIPP into a Lifetime ISA?

2) If I withdraw money from my SIPP and I am currently not working what rate of tax would I pay?

HappyHarry

Cockney9654 wrote: »

1) Is it possible to transfer cash from a SIPP into a Lifetime ISA?

2) If I withdraw money from my SIPP and I am currently not working what rate of tax would I pay?

As you're new, you'll be forgiven, but it would be best to start a new thread with your question instead of jumping on the end of someone else's thread.

But, to answer your questions;
1. No
2. You can only do this if you're over 55. As your asking about Lifetime ISA's, I suspect you might not be. If you are over 55, then the first 25% of what you withdraw will be tax-free, and the remainder will be taxed the same as earned income.

Cockney9654

Thank you for your reply and sorry for interrupting the thread and not starting my own.

Clive_Woody

woolly_wombat wrote: »

Does your wife work in a state school? If so then is she a member of the LGPS (Local Government Pension Scheme).

LGPS, if eligible, should be her first port of call, topped up with Sipp/personal pension/stakeholder pension.

It's an academy junior school so not sure if LGPS is an option. I'm travelling in Rome at the moment but will ask her when I'm back at home.

Any suggestions on where to start looking for personal/stakeholder pensions if these could be preferable to a SIPP?

woolly_wombat

Clive_Woody wrote: »

It's an academy junior school so not sure if LGPS is an option. I'm travelling in Rome at the moment but will ask her when I'm back at home.

Then she should be eligible to join the LGPS. It's changed from final salary to career average, like all the other major public sector schemes, but it would be crazy not to join.

Any suggestions on where to start looking for personal/stakeholder pensions if these could be preferable to a SIPP?

I have found Hargreaves Lansdown very helpful but they aren't cheap.

kidmugsy

woolly_wombat wrote: »

I have found Hargreaves Lansdown very helpful but they aren't cheap.

We find them cheap enough for our small SIPPs: the secret is not to buy "funds" but to use ETFs or shares.