Ani Posted January 7, 2021 Author Share Posted January 7, 2021 2 minutes ago, Mounts Kipper said: How long does it take for drawdown money to hit your account and is there a minimum amount you can draw? That may depend on the rules of your scheme. First withdrawal took longer as they need to verify your bank account for money laundering. I requested a withdrawal mid Dec that was through in about two weeks. Maybe add a few days for forms being sent out and returned , might be quicker post Covid if you can pop into an office. Quote Link to comment Share on other sites More sharing options...
Mounts Kipper Posted January 7, 2021 Share Posted January 7, 2021 5 minutes ago, Ani said: That may depend on the rules of your scheme. First withdrawal took longer as they need to verify your bank account for money laundering. I requested a withdrawal mid Dec that was through in about two weeks. Maybe add a few days for forms being sent out and returned , might be quicker post Covid if you can pop into an office. Cheers. 👍 Quote Link to comment Share on other sites More sharing options...
captainmed Posted January 7, 2021 Share Posted January 7, 2021 39 minutes ago, Mounts Kipper said: Aye, that’s the conundrum, but if stock market heats up might be good time to crystallise it, leaving the other 75% still invested. I’m also thinking we’re heading for even more QE which might lead to inflation thus reducing the value more quickly. Timing is everything but I’m not going to leave it to long might as while enjoy it while still young enough. Don't take the whole tax free amount unless you want to make a massive purchase. Use your annual tax allowance of 12500 each year & W/D say £30K PA. You will only pay £2K tax and get £28K net. On £40K you will get £36.5K net. The rest will continue to grow. Very tax efficient. The lump sum means you will get no future 25% allowances (just the 12500) and if the markets fall after the W/D, you only have 75% of your cash left to grow. It will never recover. Quote Link to comment Share on other sites More sharing options...
Ani Posted January 7, 2021 Author Share Posted January 7, 2021 6 minutes ago, captainmed said: Don't take the whole tax free amount unless you want to make a massive purchase. Use your annual tax allowance of 12500 each year & W/D say £30K PA. You will only pay £2K tax and get £28K net. On £40K you will get £36.5K net. The rest will continue to grow. Very tax efficient. The lump sum means you will get no future 25% allowances (just the 12500) and if the markets fall after the W/D, you only have 75% of your cash left to grow. It will never recover. I do this basically. Assumes you are not working though. I take my £12.5k allowance then max up to lower tax level. Plus the equivalent tax free amount from Pension. Mounts if you take money out of the taxable side you may get charged emergency tax rates on it that you will need to claim back. Depends if pension provider has your upto tax codes. Quote Link to comment Share on other sites More sharing options...
captainmed Posted January 7, 2021 Share Posted January 7, 2021 1 minute ago, Ani said: I do this basically. Assumes you are not working though. Yes it does. Quote Link to comment Share on other sites More sharing options...
Mounts Kipper Posted January 7, 2021 Share Posted January 7, 2021 (edited) Thanks for the advise chaps. I’m still working so it might be better to hold off until the pack in my salaried job, might then set up new business under wife’s name draw my pension part draw down part tax free 25% couple of grand each month and duck & dive with new business for a bit of extra income. Edited January 7, 2021 by Mounts Kipper Quote Link to comment Share on other sites More sharing options...
Site Supporter Spider Posted January 8, 2021 Site Supporter Share Posted January 8, 2021 If the problems at the ports continue, the stock market will dive. Its a fucking mess at Felixstowe. I hardly need bother to say why. We are desperate for deliveries. Quote Link to comment Share on other sites More sharing options...
Sweep Posted January 8, 2021 Share Posted January 8, 2021 (edited) 2 hours ago, Spider said: If the problems at the ports continue, the stock market will dive. Its a fucking mess at Felixstowe. I hardly need bother to say why. We are desperate for deliveries. We've got a shipment of 6 containers of batteries stuck at Felixstowe - they docked there on Tuesday, and we can't get any info on when we might be able to get our hands on them, as of yet. We're hoping they'll be "released" over the weekend to get to us for Monday/Tuesday. I'm not involved really, as it's not my stuff, but I understand it's a bit of a shitstorm down there at the minute. Edited January 8, 2021 by Sweep Quote Link to comment Share on other sites More sharing options...
Site Supporter Spider Posted January 8, 2021 Site Supporter Share Posted January 8, 2021 3 minutes ago, Sweep said: We've got a shipment of 6 containers of batteries stuck at Felixstowe - they docked there on Tuesday, and we can't get any info on when we might be able to get our hands on them, as of yet. We're hoping they'll be "released" over the weekend to get to us for Monday/Tuesday. I'm not involved really, as it's not my stuff, but I understand it's a bit of a shitstorm down there at the minute. It’s a mess Bear in mind it’s not even busy yet. ”new paperwork” is all we’re being told. Quote Link to comment Share on other sites More sharing options...
Moderators Casino Posted January 8, 2021 Moderators Share Posted January 8, 2021 frictionless Quote Link to comment Share on other sites More sharing options...
Sweep Posted January 8, 2021 Share Posted January 8, 2021 4 minutes ago, Spider said: It’s a mess Bear in mind it’s not even busy yet. ”new paperwork” is all we’re being told. Ours has come direct from China, so shouldn't be an issue as nothing has changed with regards to the paperwork.....it's all your European metal bits that are clogging the place up and causing our problem this time 🙂 Quote Link to comment Share on other sites More sharing options...
Site Supporter Spider Posted January 8, 2021 Site Supporter Share Posted January 8, 2021 (edited) 1 minute ago, Sweep said: Ours has come direct from China, so shouldn't be an issue as nothing has changed with regards to the paperwork.....it's all your European metal bits that are clogging the place up and causing our problem this time 🙂 Copper Shitty european copper. We should be mining our own from the vast reserves underneath Penzance. Edited January 8, 2021 by Spider Quote Link to comment Share on other sites More sharing options...
Sweep Posted January 8, 2021 Share Posted January 8, 2021 Just now, Spider said: Copper Shitty european copper. We should be mining our own from the vast reserves underneath Penznace. I've got an old copper water tank in my garage that I've been meaning to get rid of for a few weeks, if you want that 🙂 Quote Link to comment Share on other sites More sharing options...
Site Supporter Spider Posted January 8, 2021 Site Supporter Share Posted January 8, 2021 3 minutes ago, Sweep said: I've got an old copper water tank in my garage that I've been meaning to get rid of for a few weeks, if you want that 🙂 Scrap it in, copper is worth a fortune at the minute Quote Link to comment Share on other sites More sharing options...
Escobarp Posted January 8, 2021 Share Posted January 8, 2021 9 minutes ago, Spider said: Scrap it in, copper is worth a fortune at the minute Ssssshhhh @Sweep i will send a van for it at weekend. Just drop the driver 50 for his time Quote Link to comment Share on other sites More sharing options...
Sweep Posted January 8, 2021 Share Posted January 8, 2021 1 hour ago, Spider said: Scrap it in, copper is worth a fortune at the minute I know, I'll weigh it in at some point, when I can be arsed putting the seats in the car down and taking it to the scrappers Quote Link to comment Share on other sites More sharing options...
Site Supporter Spider Posted January 8, 2021 Site Supporter Share Posted January 8, 2021 1 hour ago, Sweep said: I know, I'll weigh it in at some point, when I can be arsed putting the seats in the car down and taking it to the scrappers Is it an old hot water cylinder? Quote Link to comment Share on other sites More sharing options...
green genie Posted January 8, 2021 Share Posted January 8, 2021 2 hours ago, Spider said: Copper Shitty european copper. We should be mining our own from the vast reserves underneath Penzance. It's the lithium they're getting excited by. Quote Link to comment Share on other sites More sharing options...
Sweep Posted January 8, 2021 Share Posted January 8, 2021 6 minutes ago, Spider said: Is it an old hot water cylinder? I'd guess it was put in the house when it was originally built, so probably around 1970. When we moved in, we got a new system fitted. The plumber kindly advised me he was happy to get rid of it for me (as well as the copper pipes he took out) - whilst I thanked him for his generous offer, I just asked him to chuck it in one of the outbuildings, which is where it's been sat for the last 4 weeks 🙂 It's got a load of that shitty foam stuff around the outside, so I'm gong to remove that myself, which apparently is better to do before weighing it in Quote Link to comment Share on other sites More sharing options...
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