SIPP, Hargreaves Lansdown and Funds

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  • jem16
    jem16 Posts: 19,397
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    edited 15 May 2011 at 10:28AM
    I do have to think about that I know. In addition to state pension she will get half my DB pension (10k) + 20 years teachers pension (don't know the estimate off the top of my head I will look at that).

    Yes but that's when you die.

    I'm thinking of the tax situation whilst you are alive. For example you will each have an increased personal allowance of approximately £10k at age 65. If your wife is only on a state pension of £5k then she has £5k of unused personal allowance. Meanwhile as you are talking about retirement income of £40k you have lost all of that increased personal allowance so as a couple you will pay more tax than if she had £10k and you had £35k and even more than if you both had £22.5k as you would both get the full increased personal allowance.
    Full on retirement planning is one of the things I would need to review later (eg 55). Just for now I am worrying about growing the pot. Is there anything structural I shuld be doing now - I am happy to spend money on IFA's to get advice although I will be honest we don't have much spare cash to increase her provision, but may have when the kids are (more!!)self sufficient.

    Are you a higher rate taxpayer or basic rate taxpayer just now?
    Does your wife work and if so is there a pension scheme for her to join?
  • OK thanks again Jem - I thought you meant was she adequately funded once I pop my clogs.

    I am higher rate now. My wife has been a teacher for 10 years (pensioned), and has been a Teaching Assistant for the past few years (pin money but pensioned). But also has 15 years to go - we are currently reviewing employment as the children are getting older. Undoubtedly her pension income would be in the no tax band
    All CC & Other Debts - Paid Off :beer:
    Fifty something family man looking to retire comfortably before he's dead or effectively so :A
  • jem16
    jem16 Posts: 19,397
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    Undoubtedly her pension income would be in the no tax band

    Why would she be in the no tax band if she has a Teacher's Pension plus LGPS (from teaching assistant) pension?
  • I meant it was likely to be under £10K by my estimates - but I will be digging out that paperwork soon, as you might be right and that it would be more than expected and that would be nice!!
    All CC & Other Debts - Paid Off :beer:
    Fifty something family man looking to retire comfortably before he's dead or effectively so :A
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  • dunstonh
    dunstonh Posts: 116,040
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    I have reported the spam but just pointing out that it the spam breaches the FSA guidelines on financial promotions. If anyone with a bit of time wants to take a screenshot and forward it to the FSA, then they will take an interest.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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