Michael, 34, forced to move 6 figure pension to S&S ISA and cash due to Trump tariffs

someone

Am I the only one a little confused by the story in the i paper? Possibly even to the point the journalist might have not done their diligence on the story?

https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/six-figure-pension-pot-isas-savings-accounts-tariff-chaos-3640804

It’s not clear why the tax wrapper needed changing nor how enough ISA allowance to put a notable chunk in following the new tax year.

I do worry the impact to some less savvy readers who might not heed the later advice from experts.

bjorn_toby_wilde

Surely he’s now crystallised losses as well as paying a hefty lump of tax and triggering the MPAA?  All at the ripe old age of 34.

dunstonh

Some people are just plain stupid and many of them are journalists.   Put the two together and you get articles like this.

As ISAs and pensions share the same investment options and can be had at the same cost, there is logically no point doing what they did for the reasons given.   

Marcon

dunstonh said:

Some people are just plain stupid and many of them are journalists.   Put the two together and you get articles like this.

As ISAs and pensions share the same investment options and can be had at the same cost, there is logically no point ing doing what they did for the reasons given.   

More to the point, how could a 34 year old in normal health cash in a pension at all? Unauthorised payment...massive tax hit...

Bobziz

If people keep reading it then they'll keep writing it. 

MeteredOut

Marcon said:

dunstonh said:

Some people are just plain stupid and many of them are journalists.   Put the two together and you get articles like this.

As ISAs and pensions share the same investment options and can be had at the same cost, there is logically no point ing doing what they did for the reasons given.   

More to the point, how could a 34 year old in normal health cash in a pension at all? Unauthorised payment...massive tax hit...

I suspect lazy/ignorant journalism. At first the article states he "was forced to move almost all of his savings he had earmarked for retirement" and then refers to those same savings a his "pension" thereafter. It mentions him having both a SIPP and S&S ISA.

Notwithstanding that no-one forced him to do anything, I guess he simply sold the stocks within both his SIPP and S&S ISA to cash.

Funny that he's a self-defined "trader" but checks his holdings only once a month,

Andy_L

Bobziz said:

If people keep reading it then they'll ChatGPT'll keep writing it. 

Fixed your typo for you ;-)

Silvertabby

Marcon said:

dunstonh said:

Some people are just plain stupid and many of them are journalists.   Put the two together and you get articles like this.

As ISAs and pensions share the same investment options and can be had at the same cost, there is logically no point ing doing what they did for the reasons given.   

More to the point, how could a 34 year old in normal health cash in a pension at all? Unauthorised payment...massive tax hit...

I read it that he moved his pension investments out of American stocks and shares but kept them within a pension wrapper, rather than move them into his ISA.  

Badly written article that could mislead some people into thinking that they could 'cash in' their pensions early.

Marcon

MeteredOut said:

Marcon said:

dunstonh said:

Some people are just plain stupid and many of them are journalists.   Put the two together and you get articles like this.

As ISAs and pensions share the same investment options and can be had at the same cost, there is logically no point ing doing what they did for the reasons given.   

More to the point, how could a 34 year old in normal health cash in a pension at all? Unauthorised payment...massive tax hit...

I suspect lazy/ignorant journalism. At first the article states he "was forced to move almost all of his savings he had earmarked for retirement" and then refers to those same savings a his "pension" thereafter. It mentions him having both a SIPP and S&S ISA.

Notwithstanding that no-one forced him to do anything, I guess he simply sold the stocks within both his SIPP and S&S ISA to cash.

Funny that he's a self-defined "trader" but checks his holdings only once a month,

The article has the title 

I moved my six-figure pension pot into cash after tariff chaos

If he hasn't been investing it into a pension, he'd have been missing out on tax relief, with limited scope for carry forward if he hasn't actually had a pension scheme established...

Van_Girl

It sounds to me like he has left his pension funds in the SIPP wrapper, but sold investments and is keeping the funds in cash? And has basically done the same within his ISA

MeteredOut

Marcon said:

MeteredOut said:

Marcon said:

dunstonh said:

Some people are just plain stupid and many of them are journalists.   Put the two together and you get articles like this.

As ISAs and pensions share the same investment options and can be had at the same cost, there is logically no point ing doing what they did for the reasons given.   

More to the point, how could a 34 year old in normal health cash in a pension at all? Unauthorised payment...massive tax hit...

I suspect lazy/ignorant journalism. At first the article states he "was forced to move almost all of his savings he had earmarked for retirement" and then refers to those same savings a his "pension" thereafter. It mentions him having both a SIPP and S&S ISA.

Notwithstanding that no-one forced him to do anything, I guess he simply sold the stocks within both his SIPP and S&S ISA to cash.

Funny that he's a self-defined "trader" but checks his holdings only once a month,

The article has the title 

I moved my six-figure pension pot into cash after tariff chaos

If he hasn't been investing it into a pension, he'd have been missing out on tax relief, with limited scope for carry forward if he hasn't actually had a pension scheme established...

Yup, so he's just sold his investments in his SIPP (and S&S ISA) and the cash remains in both, uninvested.