My retirement journey is about to start

Bianchiintenso

Thanks Linton, appreciate that, will take a proper look after I’ve finished this afternoons hike😊

michaels

Will your wife have full state pension entitlement by SPA?  If not it is definitely worth buying this - if you are both employed by your company perhaps this can be the cheaper class 2?

Perhaps you can do some clever stuff around tax trying to equalise pension provision between yourself and DW - could she earn all the income the company makes and pay it all into her pension, if this is below the personal allowance she will still get the tax relief despite not paying the tax in the first place.  Also perhaps she can transfer some of her Personal Allowance to you so you can take more out of your pension tax free each year?  Either way it would seem to make sense for you to take more out of your pension (as it will be taxed whenever you take it) in order to fund contributions (from income) to her pension that will attract tax relief and may well then be drawn down without being taxed.

Bianchiintenso

michaels said:

Will your wife have full state pension entitlement by SPA?  If not it is definitely worth buying this - if you are both employed by your company perhaps this can be the cheaper class 2?

Perhaps you can do some clever stuff around tax trying to equalise pension provision between yourself and DW - could she earn all the income the company makes and pay it all into her pension, if this is below the personal allowance she will still get the tax relief despite not paying the tax in the first place.  Also perhaps she can transfer some of her Personal Allowance to you so you can take more out of your pension tax free each year?  Either way it would seem to make sense for you to take more out of your pension (as it will be taxed whenever you take it) in order to fund contributions (from income) to her pension that will attract tax relief and may well then be drawn down without being taxed.

All very interesting points, I’ll discuss this with our accountant, many thanks 😊