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Pensions/drawdown etc

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    #21
    Take out £250K spend £50K per year on fun stuff, if you make it till sixty you are nearly deed anyhoo, so no need for a lot of cash after that

    Long time deed


    Sent from my iPhone using Contractor UK Forum

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      #22
      so how big are everyones? pots
      Rhyddid i lofnod psychocandy!!!!

      Comment


        #23
        Originally posted by psychocandy View Post
        so how big are everyones? pots
        What does that have to do with you?
        Last edited by northernladuk; 24 November 2020, 14:47.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

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          #24
          Originally posted by northernladuk View Post
          What does that have to do with you?
          not forcing anyone to answer its not compulsory
          Rhyddid i lofnod psychocandy!!!!

          Comment


            #25
            Originally posted by northernladuk View Post
            What does that have to do with you?
            Fair enough. Why don't you go first.

            Comment


              #26
              Originally posted by Fred Bloggs View Post
              Drawing the 25 per cent tax free does not trigger MPAA. Spend it on cocaine, hookers or daffodils. No difference.

              Draw down even 1p in income after taking the 25 per cent and you trigger the MPAA.
              Can you spend it more shares in a SIPP and get more free money from the government?

              Comment


                #27
                Originally posted by hugebrain View Post
                Can you spend it more shares in a SIPP and get more free money from the government?
                You really should do your own research/reading - you'll learn a lot more than asking part questions here.

                Here's a starter (random selection after a google search):

                Three benefits of staggering your 25% tax-free pension lump sum

                Taking 25% Tax-free Cash from your Pension

                If I take a 25% tax free pension lump sum, can I still pay in GBP40k a year? | This is Money
                Last edited by Paralytic; 25 November 2020, 16:28.

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                  #28
                  Originally posted by Paralytic View Post
                  Fair enough. Why don't you go first.
                  HL SIPP - £125K
                  EX-employer pension - £25K
                  Current Umbrella pension - £42K
                  NEST - £2

                  Not brilliant....
                  Rhyddid i lofnod psychocandy!!!!

                  Comment


                    #29
                    Originally posted by hugebrain View Post
                    Can you spend it more shares in a SIPP and get more free money from the government?
                    Assuming the MPAA is not triggered the answer is a qualified yes. The qualification bring that there are recycling rules that prevent a double dose of tax top up. It's complicated so you need to research this now you know what you look for.
                    Public Service Posting by the BBC - Bloggs Bulls**t Corp.
                    Officially CUK certified - Thick as f**k.

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                      #30
                      Originally posted by psychocandy View Post
                      HL SIPP - £125K
                      EX-employer pension - £25K
                      Current Umbrella pension - £42K
                      NEST - £2

                      Not brilliant....
                      Plus 10k a year from gov


                      Sent from my iPhone using Contractor UK Forum

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