Sipp advice

System

This discussion was created from comments split from: Topping up my SIPP using unused allowances from previous 3 years pension contributions.

andys15

Hi.  Hoping you don’t mind me ambushing this thread.  

I am going to earn about £190k this year.  I have unused allowance.  Basically about 8 years ago I transferred my final salary pension into a sipp. 

My company pay me an uplift which I save. 

I haven’t ever paid into my sipp. 

I was about to pay my mortgage of in June 2027 when my fixed rate runs out. 

I am now considering paying money into my sipp. I was going to pay £141k into it and would then get £30k into my sipp I believe from my provider and £50k maybe as tax rebate. I don’t know this for sure.  This is a what AI is saying. I have also been paying tax on interest. Maybe some of this can be claimed back too.  I think I still owe about £2000 tax as I had some bonds mature.    This is my first post for a while.  I was meant to be retiring in May at 50 but my ex wife left me.  Still hoping to retire at 53 and now keeping some mortgage which I will pay off with lump sum ( assuming that’s a thing then). 

Is this wise. 

ali_bear

Probably your cirsumstances are sufficiently different to the OP's that a new thread would be in order. Maybe the mods could do that.

Also probably talk to an IFA for some proper advice - you can afford to and it would most likely pay for itself. 

andys15

Thanks Ali.  I have a financial advisor.  He comes as part of the SIPP.  
He isn’t aware of the tax element.  He is suggesting doing it over 2 financial years but surely doing it over 1 makes sense for the 60% tax.