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Wanderers Ways. Neil Thompson 1961-2021


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Everything posted by globaldiver

  1. And, if you get 40% relief on the way in, you will be able to pay 20% on the way out on some/all.
  2. Kind of Tax free going in, taxable (75%) on the way out, but everyone has a personal allowance, so some tax management opportunities. Not with the Fire Service scheme, of course.
  3. It should be possible, get your ducks in a row in readiness to act. Who’s the provider?
  4. Sorry, I misunderstood. But you can take it out of the markets and put it in a cash fund within your pension, I’d expect?
  5. Getting there, with some. Might be more to come.
  6. Nothing to do with state pension, which is maxxed at 35 years and can’t be increased, until and if you defer it at state retirement age. You can check if you are headed for the max https://www.gov.uk/check-state-pension If not, you can look to top up. There’s something about doing summat before July.
  7. Or the same one, depending on the pension provider 😁
  8. To be safe. Of we have a change of government (likely), then they might want to raise money and might look to attack pension funds. It wouldn’t be the first time. The tax free cash would be an obvious target. If you didn’t take it and lost it, then people might be a bit cheesed off.
  9. I assumed that this was ont telly, seems not. Why on a Friday, then?
  10. And it’s in the wrong thread! 😀
  11. You can still take 25%, up to a max of 25% of £1,073,100, which is £268,275. It might be prudent to take it before we have a change of government.
  12. They are supposed to have learned the lessons, and I think that UK banks and regulators (probably) have, but…..
  13. Employer sponsored death benefits https://www.grouprisk.org.uk/2023/03/15/chancellors-spring-budget-boosts-employer-sponsored-death-benefits
  14. Thanks for giving me a giggle!
  15. Do you utilise the £3,600 a year already?
  16. 1.3 Reforming pension tax thresholds As announced at Spring Budget 2023, the government will legislate in Spring Finance Bill 2023 to increase the Annual Allowance from £40,000 to £60,000. The Money Purchase Annual Allowance and the minimum Tapered Annual Allowance (TAA) will both be increased from £4,000 to £10,000, while the adjusted income threshold for the TAA will also be increased from £240,000 to £260,000. The government will also legislate to remove the Lifetime Allowance (LTA) charge for 2023 to 2024 in Spring Finance Bill 2023 and will deliver the technical changes necessary to abolish the LTA from April 2024 in a future Finance Bill. The maximum Pension Commencement Lump Sum for those without relevant protections will be retained at its current level of £268,275 and will be frozen thereafter. Lump sums currently taxed for some individuals at 55% above the LTA will be taxed at an individual’s marginal rate of income tax. These changes will take effect from 6 April 2023.
  17. What would you want? People get full tax relief anyway. The amount of tax free cash has been capped at 25% of the current LTA, so £268,000 or so.
  18. It was bad policy in the first place. Yes, a restriction outset saves on tax relief, but to restrict at both ends stopped people investing funds correctly; they can now invest to create an income for life without having to consider the lifetime allowance.
  19. Politics of envy isn’t appropriate to this matter.
  20. Correct, but many doctors, which is where much of the pressure came from.
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