Tax-free sum ... hedging my bets

FIREDreamer

NoMore said:

Your not hedging your bets at all, you are going all in on the assumption that something might happen.

If he is hedging his bets, is the OP referring to a turf accountant? 😀

valiant24

phlebas192 said:

nb: this is the situation with AJ Bell. It might not apply with other providers although I did think it was a legal requirement to have a cooling off period, even if shorter than 30 days. Have you checked with your SIPP provider?

Dear Mr Valiant

 Thank you for your call just now and I hope you’re well.

 I can confirm that once Benefit payments have been taken from AJ Bell, you have a 30 day cool off period to request to return these funds, if you wish to change your mind.

 If you have any further queries, please feel free to contact me.

 Yours sincerely

Ms Customer Service Agent

Senior Customer Service Agent 

AJ Bell Customer Services​​​​

Tel: 0345 54 32 600

Website: www.ajbell.co.uk

wjr4

dunstonh said:

You're right, my accountant isn't an IFA, and he explicitly stated that he cannot offer advice on this matter.  He did tell me that he's taken his tax-free sum  though.   I did ask him to point out any errors in my reasoning.  

Many accountants have very poor knowledge of pensions.   What your accountant does is not necessarily a good thing for them, let alone you.   I have seen some very senior accountants make a right pigs ear of UK tax wrappers (not just pensions).   Which is why many accountants have links with IFAs as both advisers and accountants can stay in their own lanes and not give their respective clients duff information.

Completely agree. I have a lot of accountants as clients and they haven’t the faintest idea about tax wrappers and their own personal finances! It is shocking really. The same goes with solicitors who deal with divorces! 

wjr4

valiant24 said:

wjr4 said:

Why are you asking your accountant for financial advice? Most accounts I know don’t have a clue about pensions and basic financial advice!

Mine does.

How’s your accountant feeling now? Pretty stupid I’d imagine. This is why you don’t act on speculation.