I think I’ll stick with my Financial advisor’s direction, my SIPP has increased at a great rate despite the Iran issue, I’ll leave it there until I need it, if I pop my clogs my wife gets the full pot tax free, that’s a comfort.
Could also be Graduated Retirement Benefit which ran from 1961 to 1975, a forerunner to SERPS. Worth up-to about £650 a year.Here’s a google explanation which might help.
Your State Pension payments are likely higher than the standard full amount (currently £241.30 per week for the new State Pension) because of one of the following reasons:
- You Have a 'Protected Payment':When the new State Pension was introduced in April 2016, a calculation was done to compare what you would have received under the old rules with the new system. If your entitlement under the old system (which often included the Additional State Pension, or SERPS
) was higher, the government protected this extra amount. It is paid to you as a "protected payment" on top of the standard full rate.
- You Deferred Your Pension: If you delayed claiming your State Pension past your State Pension age, your weekly payments are permanently increased. Under the current rules, delaying your claim for a full year increases your weekly pension by just under 5.8% (about 1% for every 9 weeks deferred).
- You Receive the Over 80 Pension: If you are over 80 and met specific criteria regarding your National Insurance contributions, you may qualify for the separate Category D "Over 80 Pension," which can boost your total payout.
Not quite right, it passes to your spouse free of any tax regardless of the amount, it could be £1Bn and you pay no tax. With respect to inheritance tax for your beneficiaries, unless the assets including your pension exceed £1m or £500k if you aren't married then there is no tax to pay.From next year it will count as part of your estate for the calculation of Inheritance tax .... your wife (and any other beneficiaries only get the full pot tax free if you die before 75 after that they pay income tax on it.
The rules about 25% tax free are not written in stone and may change. Withdrawing it does not reduce your savings (you can invest it elsewhere ) it does however reduce your future liabilities.
Suggest you revisit your advice.
Financial Advisor is Haven Protect in Altrincham, they’re a relatively large outfit who I trust completely. I’m completely aware about the 75 tax ruling but I’m just 67 so as stated previously I’ll access my pot from around the age of 70 if I get there. I don’t need to use that money yet, I’ve got enough from the state pension, savings and investments to live a decent life.From next year it will count as part of your estate for the calculation of Inheritance tax .... your wife (and any other beneficiaries only get the full pot tax free if you die before 75 after that they pay income tax on it.
The rules about 25% tax free are not written in stone and may change. Withdrawing it does not reduce your savings (you can invest it elsewhere ) it does however reduce your future liabilities.
Suggest you revisit your advice.
Your hobby is to sit there every day watching your SIPP grow!Financial Advisor is Haven Protect in Altrincham, they’re a relatively large outfit who I trust completely. I’m completely aware about the 75 tax ruling but I’m just 67 so as stated previously I’ll access my pot from around the age of 70 if I get there. I don’t need to use that money yet, I’ve got enough from the state pension, savings and investments to live a decent life.
As I’ve no children I’ve also got a property with no money that I can take equity out of if needed but that’s a long way down the line, the chances of me living to a ripe old age are not good, I’ve had a heart condition since I was in my mid twenties, it’s managed quite well but it’s not guaranteed to continue like that.
No, my hobbies are going to City, playing golf, few drinks with the lads, out with the Mrs, drinks/meal, couple of holidays a year and the odd City break plus I enjoy cooking so that’s a pleasure for me not a chore.Your hobby is to sit there every day watching your SIPP grow!
Who's getting your inheritance, the cats home?
Why don't you transfer her half of it now then?No, my hobbies are going to City, playing golf, few drinks with the lads, out with the Mrs, drinks/meal, couple of holidays a year and the odd City break plus I enjoy cooking so that’s a pleasure for me not a chore.
If I pop it, my wife can continue to lead a decent life with my SIPP that she’ll get tax free, I’m not a selfish fella!
It’s grown over 11.3% since last July despite the Iran conflict. Plus if I snuff it my Mrs gets the entire pot tax free, take out some of it and there’s tax implications, I don’t need it at the moment, I’ve got everything I need and sufficient money for my lifestyle.Why don't you transfer her half of it now then?
Just cautious!I enjoy cooking so that’s a pleasure for me not a chore.
If I pop it, my wife can continue to lead a decent life with my SIPP that she’ll get tax free, I’m not a selfish fella!