what have you done this week?

DT2001

https://forums.moneysavingexpert.com/discussion/comment/82189765#Comment_82189765

How long between contributing and drawing tax free and would it be in the same tax year? If yes, a flexible ISA would allow you to retain the wrapper around the funds.

Plucking pheasants to just remove the breast meat is quick and easy

mrklaw

https://forums.moneysavingexpert.com/discussion/comment/82189919#Comment_82189919

three tax years of contributions : 26/27; 27/28; 28/29. Withdrawals would not start until 29/30 in theory (timings all tbc)

considering 3 lots of 8k top ups to try and get to around 16k per year drawdown to use up most of the personal allowance. Might only need two top ups.

50k mortgage left at the end of the fixed period

18k left in the ISA if I don’t use it for topping up wifes pension

targetting 200k in VWRP as ‘buffer’ fund. so 50k TFC potentially.

if we do 24k top ups, that becomes 30k in her pension, drawn without tax. if that came from either ISA or my pension TFC thats still a nice 6k boost.

50k from my pension to settle the mortgage leaves the 18k in the ISA free for two top ups which likely gets us most of the way there. If needed I could dip into our S&S ISA but would prefer to use that for cashflowing the first year’s drawdown.

DT2001

https://forums.moneysavingexpert.com/discussion/comment/82189967#Comment_82189967

If you use the ISA fund to top up £18k becomes £22.5k. If you invest in MMF or an ETF like ERNS you will earn some interest to offset the interest on the mortgage and protect your capital. If you then draw over a couple of years and put into an ISA then you will have those funds to use at the end of your fix. Hopefully I have understood your timeline.

mrklaw

https://forums.moneysavingexpert.com/discussion/comment/82189999#Comment_82189999

timeline is good but the push into my wife’s sipp is designed to be household income - 15-16k a year tax free from her side.

probably still worth doing but at some point I have to be careful we have enough cash and not push too much into pensions for the sake of a few quid.

Cobbler_tone

https://forums.moneysavingexpert.com/discussion/comment/82189912#Comment_82189912

Yes, makes even more sense if you are around the limit. Some people are fortunate enough to be able to hammer both their pension AND ISA. I have been solely focused on the pension, so it is nice to start building within the last 12 months of working and using the allowances I have.

NormalNorman

https://forums.moneysavingexpert.com/discussion/comment/82189439#Comment_82189439

Thanks for the info, appreciate it.

Triumph13

I failed to achieve much at all this week as nothing I tried worked!

My two big tasks were to report the capital gain on the sale of my late fathers house, and to transfer an old work pension to HL to use the small pots rule.

HL website fell over repeatedly when I tried to download the necessary form (work pension won't do it all online). I tried to request a form be sent to me, waited a week, but that failed too. Managed to get it done by phone today.

HMRC website sent me round the houses before telling me I needed a UTR for the estate and they'd post me one. It turned up yesterday, tried to use it today and nope. Eventually google found me a handy non-govt website that revealed that, as an executor, you have to go in as if it was your own capital gain, then say who it was actually for, rather than trying to go in as the executor of an estate. Would have been nice if the HMRC website had given me a hint about that!

Good job I'm retired!

BikingBud

Got a small tax refund

Paid off the mortgage

Retired

Next week I aim to go swimming for the first time in quite a few years.

NormalNorman

Invested ~£8k into my all world etf that was sitting as cash in the sipp when there was the market drop. Money not needed for many years so fingers crossed it was a good move.

mrklaw

I realised last night that I was fussing about how to top up my wife’s SIPP each year to try and maximise her personal allowance. do I pull from my TFC, or from an ISA that is designed to cover the mortgage (neither perfect). Need about 8k net to max her contributions.

realised from mid-next year our last child will be done with University so that should free up £3600 a year top up. We can probably get that to £4k so she can self-fund half the gap. at that point I will probably top up this year from ISA and just do the 4k for the next two tax years and see how things go.