Should I make further pension contributions and break fixed protection.



Hi
I have Fixed Protection 1.5M. Pension Pot is north of 2M. I am 55 and have not drawn the pension but expect to in 3 years or so.
I recieve sufficient salary and have adequate non pension investments. Fortunatly My ltd company can afford to disburse 60K extra each year as a bonus/pension contribution for the next 2 or 3 years.
The reason its attactive is becuase it seems to me that pension contributions completly elliminate all NI (employer and employee)
It seems a no brainer, with the only risk being retrospective tax due to Labour reversing abolishment of the LTA.
Any views on adding further to the pension?
Comments
-
BeatTheSystem said:
Hi
I have Fixed Protection 1.5M. Pension Pot is north of 2M. I am 55 and have not drawn the pension but expect to in 3 years or so.
I recieve sufficient salary and have adequate non pension investments. Fortunatly My ltd company can afford to disburse 60K extra each year as a bonus/pension contribution for the next 2 or 3 years.
The reason its attactive is becuase it seems to me that pension contributions completly elliminate all NI (employer and employee)
It seems a no brainer, with the only risk being retrospective tax due to Labour reversing abolishment of the LTA.
Any views on adding further to the pension?
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1
Categories
- All Categories
- 338.9K Banking & Borrowing
- 248.6K Reduce Debt & Boost Income
- 447.6K Spending & Discounts
- 230.8K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 171.1K Life & Family
- 244K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards