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Swapping Investment Plan




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Yes you can have an investment account outside the ISA wrapper. You can then sell chunks each year to put inside your ISA up to the allowanceRemember the saying: if it looks too good to be true it almost certainly is.0
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What i am wondering now is ,would it possible for me to open a VLS60 general investment account, if this exists(?)
No it doesnt exist exactly as you have worded it but it is achievable. All platforms offer a GIA. You just invest in your chosen investments (VLS60 in your case) in the GIA of your chosen platform.
My investment is intended to top up my retirement (in around 4/5 years)Any reason you are not using the pension wrapper instead of the ISA wrapper? (pension trumps ISA and GIA in most scenarios).
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 -
Thank you both both for your replies ..to be perfectly honest dunstonh at age 62 i'm not sure if it's worth me paying into a pension or even how i would go about it if it were possible ?? Don't know if my explanation helps but I took early retirement 3 years ago & already take income from my two DB pensions (6120 p/a) & top this amount yearly from some cash savings , so can't make further contributions to those .Apologies for my ignorance here but what sort of pension would i benefit from paying into , do you mean a SIPP ? i am sure you are correct with regards to pension benefiting me more but i would be worried that a pension would tie up my investment & that at least with an ISA i'd be able to withdraw funds if i ever needed it . I am possibly not thinking it through correctly am i ?!!0
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to be perfectly honest dunstonh at age 62 i'm not sure if it's worth me paying into a pension or even how i would go about it if it were possible ?
If its not worth it then why are you paying into the ISA?
Both share the same investments, same charges and get the same returns (where same investments are used). The only difference is the tax efficiency. If you can set up an ISA then you can set up a pension. All the platforms offer ISAs, GIAs and SIPPs.
.Apologies for my ignorance here but what sort of pension would i benefit from paying into , do you mean a SIPP ?It would possibly be a SIPP but it could be a stakeholder pension or personal pension. If you use a platform, then its likely to be a SIPP (but not all platforms use SIPPs). However, type doesnt really matter nowadays.
i am sure you are correct with regards to pension benefiting me more but i would be worried that a pension would tie up my investment & that at least with an ISA i'd be able to withdraw funds if i ever needed itAbsolutely no difference in tie in as you are aged over 55.
I am possibly not thinking it through correctly am i ?!!You need to stop thinking of pension as a product and think of it as a tax wrapper. just like the ISA. You will get more money from paying into the pension than you will an ISA. And if need be, you could draw it immediately.
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.1
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