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SIPP TFLS and new contributions
gonedownthepub
Posts: 93 Forumite
I have a SIPP which had £100k in and took the TFLS last month ,£25k.
I may start drawdown early next year but I have another £10k from another DB pension to transfer in.
Will I be able to take another TFLS from this fresh transfer , £2.5k?
Any advantages to transfer in the £10k first ,take another TFLS then start drawdown.!
I have spoken to SIPP provider and I am still confused how they differentiate between the 75K and the fresh £10k.
They say they seperate the 2 "pots" but I won't be able to physically see this on my online account.
Any thoughts please.
I may start drawdown early next year but I have another £10k from another DB pension to transfer in.
Will I be able to take another TFLS from this fresh transfer , £2.5k?
Any advantages to transfer in the £10k first ,take another TFLS then start drawdown.!
I have spoken to SIPP provider and I am still confused how they differentiate between the 75K and the fresh £10k.
They say they seperate the 2 "pots" but I won't be able to physically see this on my online account.
Any thoughts please.
0
Comments
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Nothing much to add to what your SIPP provider has told you. Effectively the “account” for which you have taken the TFLS is frozen (crystallised being the term used) in that no new contributions can be made and another new “account” is set up wth it’s own TFLS. Once you haven take the TFLS on the new account both can be regarded as a single entity.0
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