Without being nosey, it also depends how much it is. If it's out of the pension it can't grow assuming it's all left in a SIPP. You should be able to get at it quickly if needed if you leave it in the SIPP anyway.I've had this conversation with Mrs Lady.. she thinks we should take the 25% because we can?! She wants a new kitchen but she's totally missing the fact that she can have a new kitchen out of the savings we already have....
I am due to speak with an IFA but she'll undoubtably get her way ;-)
25% is £25k.. the company pensions I have were always a top up after my time in the mob .. the MOD pension and SWMBO’s NHS pension are our main incomeWithout being nosey, it also depends how much it is. If it's out of the pension it can't grow assuming it's all left in a SIPP. You should be able to get at it quickly if needed if you leave it in the SIPP anyway.
Do you know the legalities in this event!
If I'm drawing down on my pension and snuff it when there's still £100k left, will the fund transfer to my wife?
I'd recommend giving them a call to check if you can still pay in if you're not paying anything in at the moment. If you ARE currently contributing then usually you just ring them to increase the monthly payments but there are lots of different kinds of pensions with different rules. Most times you can get this info online on their website or customer account portal.My mortgage finishes in May . If I use some of the money I used to pay to my mortgage to top up my pension, will have to pay Prudential set up charges ?
Cheers pal, yea I’m still paying in . I will give them a ring in MayI'd recommend giving them a call to check if you can still pay in if you're not paying anything in at the moment. If you ARE currently contributing then usually you just ring them to increase the monthly payments but there are lots of different kinds of pensions with different rules. Most times you can get this info online on their website or customer account portal.
Have you checked the deprivation of assets rules about that strategy?My mum and dad have written a will so that when one dies that part of the house is passed onto the kids, therefore if the other had to go into care then they could not be forced to sell the house. If the other then died in care they could only take the value of the 50% of the property so the kids don’t lose out. Pisses me off that someone who has never saved for old age would have sod all and would get the looked after for basically free yet someone who’s done the right thing would essentially be penalised and anything they’d saved to pass on would be gone.
Thats a way too simplified view of it, and you need to remember it isnt about yours. Its theirs, for them however that needs to be divvied up and spent. Yours comes later out of what is leftMy mum and dad have written a will so that when one dies that part of the house is passed onto the kids, therefore if the other had to go into care then they could not be forced to sell the house. If the other then died in care they could only take the value of the 50% of the property so the kids don’t lose out. Pisses me off that someone who has never saved for old age would have sod all and would get the looked after for basically free yet someone who’s done the right thing would essentially be penalised and anything they’d saved to pass on would be gone.
I will hav3 a look at that and don’t worry about divorce we’ve agreed on a hitman alreadyHave you checked the deprivation of assets rules about that strategy?
And mum and dad ought to pray the kids never divorce.
So if the house is worth £200k and one dies, £100k is left to the kids as shared ownership. The other then goes into care and then dies later, the house is sold the £100k that was left to the kids is safe and the other £100k would be used to pay any care bills? Is that not how it works.Thats a way too simplified view of it, and you need to remember it isnt about yours. Its theirs, for them however that needs to be divvied up and spent. Yours comes later out of what is left