Nigella's Cream Pie
Fingerlickin good
Take interest rate increases into consideration.
Looks like annuity rates will be cr*p for some time to come, drawdown looks the best option
Take interest rate increases into consideration.
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.
scaremongering i think - any retrospective action of that sort would be very unlikely and met with a middle class revolt!!
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.
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.