Retiring

[SWP's back]

may not be an issue, if you can just check your total pension value v the pension lifetime allowance position. anything over the allowance can be taxed at 55% so could null any tax benefit.

The lifetime allowance is currently £1,073,100 and increasing with inflation. I guarantee you that he’s not over it.

 

[Hayley Croppers chopper]

Finishing uni is never the end of it

I agree but I was standing on my own 2 feet at 16 , as was the wife. Once they are earning , my work is done.

 

[ChicagoBlue]

Personally, I think anyone looking at a retirement pool of six figures or more would be wise to seek professional help on structuring their retirement, and what monies to take from where when.

There are simple things that can save you significant amounts of money in retirement and NOT making mistakes is worth every penny you might pay for good advice.

 

[hammocity]

I completely understand IR35
i don’t understand you saying it’s on the back burner. It’s fucked up every single person in my profession but not to worry about it.

Fucked up those abusing it but was going to be extended to a lot of "self employed", guessing you are an IT worker?

 

[Hayley Croppers chopper]

Fucked up those abusing it but was going to be extended to a lot of "self employed", guessing you are an IT worker?

Not for this thread that conversation

 

[Kompany Car]

The lifetime allowance is currently £1,073,100 and increasing with inflation. I guarantee you that he’s not over it.

To be fair, there are an increasing number of people starting to fall foul of this who are on good but not big salaries (£100k+).

When I look at my DC pension over the last 6yrs it's increased by 13% year on year not including contributions. If the lifetime allowance is only increasing at around 2% for those with another 10 or 15yrs to go they may be above the lifetime limit.

I appreciate that as they say past performance is not a guarantee of future earnings but it is worthwhile considering.

 

[SWP's back]

To be fair, there are an increasing number of people starting to fall foul of this who are on good but not big salaries (£100k+).

I’m aware of the numbers bud. But he has a DB pension with 15 years to go until his retirement. He’d be one in a ten thousand if he’d built up enough guaranteed retirement income to class him as being over the LTA - £53,655 pa.

 

[silvalining03]

The lifetime allowance is currently £1,073,100 and increasing with inflation. I guarantee you that he’s not over it.

Think they have frozen lifetime allowance until 2026

 

[SWP's back]

Think they have frozen lifetime allowance until 2026

There you go you see, you’re bang on. It WAS meant to carry on increasing with inflation but it appears they did indeed freeze it in the last budget.

Good job I’m getting out of the game as it appears I’ve stopped remaining up to date with what the Govt. is doing. My apologies.

 

[rowarta]

There you go you see, you’re bang on. It WAS meant to carry on increasing with inflation but it appears they did indeed freeze it in the last budget.

Good job I’m getting out of the game as it appears I’ve stopped remaining up to date with what the Govt. is doing. My apologies.

talk they may be looking to reduce LTA down to £800k or £900k to balance books.