Pension Pots

[Nigella's Cream Pie]

Take interest rate increases into consideration.

Looks like annuity rates will be cr*p for some time to come, drawdown looks the best option

 

[Pretty pink fairy]

IT'S ALL A GAMBLE , managed funds , fees, COULD GO UP OR DOWN , high ,med , low risk someone's doing ok is it the person paying into the pension , you tell me
regards
DR

 

[virtual22]

The rules all change in April 2015. In theory you could take the whole lot out, tho you'd be liable for tax. Don't do anything before April 2015 would be my advice.

Haha typical pub financial advice, giving advice without knowing all the facts what if the op has only just turned 55 and the minimum age you can take your benefits increases to 57 as has been proposed in April next year? Could then be in a situation where he waited, based in your advice, then cannot get his money out for a further 18 months when he might need it!

My advice, pay and go get some proper advice, it's complicated and someone qualified should be advising you.

 

[Weststander]

Are you a higher rate tax payer by some margin. Reason for asking is there is a very worthwhile tax advanage, but please check with an IFA of:

Taking the lump sum
If you don't mind forfeiting the cash i.e. not losing it, but having it reinvested back into a pension scheme so that it is locked and not available in cash anymore
By using all or part of it to make an ad hoc pension premium into that scheme or another new one.
This will give you a large tax repayment now (or reduction in liability now) in cash, effectively making the premium much smaller.

Please check with an IFA eg on restrictions to the premium.

 

[Phat Baz 68]

I actually thought this said PENSION PETS and was looking on the internet for it ha ha ha !!!
FFS I haven't even been drinking smoking crack tonight either.

 

[nicko31]

scaremongering i think - any retrospective action of that sort would be very unlikely and met with a middle class revolt!!

It happened in Cyprus and it could happen here.

 

[bhanutz]

Are you a higher rate tax payer by some margin. Reason for asking is there is a very worthwhile tax advanage, but please check with an IFA of:

Taking the lump sum
If you don't mind forfeiting the cash i.e. not losing it, but having it reinvested back into a pension scheme so that it is locked and not available in cash anymore
By using all or part of it to make an ad hoc pension premium into that scheme or another new one.
This will give you a large tax repayment now (or reduction in liability now) in cash, effectively making the premium much smaller.

Please check with an IFA eg on restrictions to the premium.

There are restrictions in place to stop you doing that.

 

[bhanutz]

Are you a higher rate tax payer by some margin. Reason for asking is there is a very worthwhile tax advanage, but please check with an IFA of:

Taking the lump sum
If you don't mind forfeiting the cash i.e. not losing it, but having it reinvested back into a pension scheme so that it is locked and not available in cash anymore
By using all or part of it to make an ad hoc pension premium into that scheme or another new one.
This will give you a large tax repayment now (or reduction in liability now) in cash, effectively making the premium much smaller.

Please check with an IFA eg on restrictions to the premium.

There are restrictions in place to stop you doing that.