DB Pension & Rules around funding Current Employment DC Pension

crv1963

The other thing that is important is any spouse/ partner, retirement is a joint adventure so having one half paying loads of tax and the other none is poor plan.

I suggest as a starting point pull together a list of all your different pots, how much is in each and when they are due to start paying and how much. Then look at what income you want and when. Our list went like this-

Me- DB Pension accessible at 55. State Pension at 67.
Wife- SERPs Pension unknown value. NEST Pension 10k. Another Personal Pension unknown value. SP at 67.

So we got upto date values for her pensions and when they pay out. Then planned accordingly. Incidentally we also updated who was to inherit them- nominated person, she had a long gone ex down for one of them!

Now some 10 years later they are-

Me DB pension (in payment) SIPP Pension still contributing. Further DB Pension still contributing and purchasing additional pension to reduce the amount of HR Tax I pay. SP due at 67 but if I decide to carry on working I will either defer or contribute mush more to my SIPP- I actually really enjoy what I do, even if I have been doing it for 40years!

Wife- SERPS Pension moved to a more modern scheme and so now accessible if she wants to as she is over 55. NEST Pension- still contributing. Other Personal Pension moved to SIPP, heavily contributing to the SIPP (up to her earnings limit, I contribute from my salary) SP due at 67.

Although financially it would make more sense for my contribution to her SIPP to go into mine for tax effectiveness paying into hers makes sense in that she can access it prior to SPA and withdraw much of it tax free if she wants to.