Pensions, Tax and debts....how to best make my money work

doodling

Hi,

No-one has mentioned that there will be a period between April 6th 2028 and the date you reach 57 during which you (probably) won't be able to take the DC pension.  Don't take too long between the date you reach 55 and April 6th 2028 to withdraw it if that is what you want to do.

wsn2000

Thank you all for your help and advice.

@Marcon - The debt mention was with reference to paying off £2k outstanding on my current car finance but forgot to mention it. 

@NoMore - I plan to stay in my current scheme until NRD so the mpaa should not be an issue. I'll check with them about the AVC situation.

@greatkingrat - good advice about the tax provision.

wsn2000

I have a meeting with an advisor this afternoon. I feel a little better prepared now

Bluebell1000

Marcon said:

Bluebell1000 said:

If you're keen to get a new car, you might want to look at a salary sacrifice car, if your employer offers that? It has tax advantages and means you wouldn't need to take the whole DC pension out.

...and means you won't actually own the car, since it'll be done by a lease agreement, which doesn't confer ownership.

True, the scheme I'm in offers you the option to buy the car at the end of the lease, which would be cheaper than buying new, but some schemes may not give you that choice.