Pension for unemployed partner

Elika0215

So, the unemployed partner can open a SIPP/Stakeholder Pension etc...and put in a lump sum of £2880 for the current tax year (let's say Feb 2019). The government will contribute £720.

Is that the limit for all tax-free investments/savings they can benefit from? For instance, could they open an easy-access ISA account with a high street bank and benefit from not paying tax on interest?

See how easily confused I get? :doh:

Dazed_and_confused

Yes.

ISA's, Premium Bonds (more a gamble with deposit not at risk other than from the effects of inflation) and other NS&I accounts.

Are you aware that the unemployed partner can have upto £17,850 in taxable interest before any tax is actually payable. The £17,850 is reduced if they have any wages, pension income but should be minimum of £500 taxed at 0%, most likely £10,000+ for someone who is unemployed.

Marcon

Elika0215 wrote: »

See how easily confused I get? :doh:

Yes. Are you sure you are the best person to be 'helping' here, however well meaning you may be?

Elika0215

Dazed_and_confused wrote: »

Yes.

ISA's, Premium Bonds (more a gamble with deposit not at risk other than from the effects of inflation) and other NS&I accounts.

Are you aware that the unemployed partner can have upto £17,850 in taxable interest before any tax is actually payable. The £17,850 is reduced if they have any wages, pension income but should be minimum of £500 taxed at 0%, most likely £10,000+ for someone who is unemployed.

Thank you. So, for an emergency pot something like an instant-access, low risk, ISA would be perfect.

Marcon wrote: »

Yes. Are you sure you are the best person to be 'helping' here, however well meaning you may be?

Best person - no. Only person - yes.

Dazed_and_confused

Thank you. So, for an emergency pot something like an instant-access, low risk, ISA would be perfect.

Assuming you mean a cash ISA then why do you think this would be best for someone who is unemployed and presumably has quite low taxable income?

If they do have low income wouldn't an (instant access if that is a requirement) account with the best interest rate be a better option?

Brynsam

Elika0215 wrote: »

Best person - no. Only person - yes.

Sometimes, sadly, the 'only person' isn't better than 'no-one' if they too are struggling. Why not get some free help from TPAS? They can talk to you, e-mail you or refer you to websites (whichever you find easiest to cope with). Link: https://www.pensionsadvisoryservice.org.uk

Alternatively, if they've had an inheritance, they may be well advised to spend some of it on properly informed professional advice.

Elika0215

Brynsam wrote: »

Sometimes, sadly, the 'only person' isn't better than 'no-one' if they too are struggling. Why not get some free help from TPAS? They can talk to you, e-mail you or refer you to websites (whichever you find easiest to cope with). Link: https://www.pensionsadvisoryservice.org.uk

Alternatively, if they've had an inheritance, they may be well advised to spend some of it on properly informed professional advice.

Thanks - I'm trying my best though

I was hesitant to go down the financial advisor route for personal reasons. That may sound a little lame but I have problems with face-to-face communication. I'll have a dig around though and see if there are webchat services or similar though.