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Moving money from normal savings account to SIPP
sultan123
Posts: 451 Forumite
Is it ok to move money you have in a bank savings account/NS and I lottery bonds to a SIPP account in the same tax year?
The savings account has led to interest but would only want to move initial money paid(not SIPP) into savings across to SIPP?
Just want to this is allowed.
The savings account has led to interest but would only want to move initial money paid(not SIPP) into savings across to SIPP?
Just want to this is allowed.
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Comments
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Are you working?
Contributions to your SIPP cannot be more than you earn, from employment, not interest, with an upper limit of £40k gross, though it can be more complicated if you have other pension contributions.
If you do not have other income from working, and are under 75, you can contribute £2880 a year, which will be rounded up to £3600 with tax relief.
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I have company pension too.Nebulous2 said:Are you working?
Contributions to your SIPP cannot be more than you earn, from employment, not interest, with an upper limit of £40k gross, though it can be more complicated if you have other pension contributions.
If you do not have other income from working, and are under 75, you can contribute £2880 a year, which will be rounded up to £3600 with tax relief.
Is it ok to move from my bank savings account into SIPP0 -
OP - have you finally grasped the issues explained repeatedly in this thread: https://forums.moneysavingexpert.com/discussion/6408405/sipp-investments#latestQyburn said:
Only if you stay within those two limits.sultan123 said:
Is it ok to move from my bank savings account into SIPP
Surely time for some professional advice?
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
That is all sortedMarcon said:
OP - have you finally grasped the issues explained repeatedly in this thread: https://forums.moneysavingexpert.com/discussion/6408405/sipp-investments#latestQyburn said:
Only if you stay within those two limits.sultan123 said:
Is it ok to move from my bank savings account into SIPP
Surely time for some professional advice?0
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