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SMcGill wrote: »
So, I acted on the suggestion Dunstonh made to my post a few weeks ago to look at a more modern pension than the Standard Life one I’ve left ignored for the last 15 years. I’m happy I did as it made me really think about my needs, and now the IFA I found has recommended the RL Governed Portfolio 5 as a good match for my risk profile which apparently is 5. The IFA fee is £795 (their min charge I’m told) and the RL management fee is 0.5%.
Before I go ahead, I just wanted to see whether anyone here would scream DON’T DO IT for any reason?
Customer service-wise, they much prefer to work with and through advisers rather than direct. I see that you are thinking to make a single lump-sum contribution. Make sure you get a single contribution application form (or you can download it from RL adviser pages after googling it
I plan on making a £50k gross contribution once the pension is transferred and would welcome advice on whether it makes any difference to tax relief if I do it all in one transaction or split it across financial years. I pay 40% on around £25k of my income.
I’m a bit confused about the difference between pension annual allowance and pension input allowance and I’m not sure who to ask about this but I’ve started with asking the workplace pension scheme administrator for a pension statement.
If I contributed in August, can HMRC adjust my tax code for the remainder of 2019/20 or am I more likely to see this applied to next years tax code?
Potboiler wrote: »
One of the Vanguard Life Strategy products is usually the answer, despite the advisor's waffle.
You add £10K to your pension for the previous two tax years , so in theory you could add £100K , this tax year , but only if you earned at least £100K this tax year
Just in case it makes a difference to your answer, I have a DB pension scheme at work
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