We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a very Happy New Year. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
Do I need a SIPP?
stillEuropean
Posts: 52 Forumite
I have 5 different pensions, which together cover my current needs. Also have about £200,000, mostly in stocks and bond ISAs. I'm a bit confused about how to take this money out should/when I need it in future. Would it be more favourable tax-wise to put it all in a SIPP, or does it make any difference?
0
Comments
-
Put what into a SIPP?stillEuropean said:I have 5 different pensions, which together cover my current needs. Also have about £200,000, mostly in stocks and bond ISAs. I'm a bit confused about how to take this money out should/when I need it in future. Would it be more favourable tax-wise to put it all in a SIPP, or does it make any difference?
The 5 different pensions or the money in the ISA?0 -
How old are you?0
-
Are you working?
If so how much do you earn?
Have you ever taken any income from a pension?
If so what type of pension?0 -
Would it be more favourable tax-wise to put it all in a SIPP,not with money that it already in a pension. However, pensions beat ISA in most scenarios (but not all).or does it make any difference?Yes it can make a difference. However, it will depend on your objectives.
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 -
I am assuming you are retired. Therefore, I'm assuming you have no earnings (pensions don't count). With no earnings, the most you can pay into a SIPP is 2880/yr, which gets topped up by the taxman to 3600. You will probably pay some tax on the way out, and end up about £200 better off after the round-trip. You might consider that worth it, or not worth the trouble - your decision.
You can do this every year until you are 75.
2 -
Thanks. Yes, I'm retired and 68, working part time and making about £4000/year. I only want to put the ISAs into the SIPP0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.8K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 260K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards