Spare Monthly Cash

[Greenmantle]

Just doing my finance planning and it looks like I'm going to have available an additional £2K a month for the next 10 years until retirement.
I'm a high rate tax payer with no private pensions.
A pension calculator is saying SIPP is the way to go giving an annual income of £8000 per annum!
Is this about right?
Thanks.

[Shnozz]

SIPP seems to be the most obvious choice for tax limitation purposes. Has there been something that concerned you regarding pensions that has prevented you from investing in a pension previously?

[jrb43]

911s are free from CGT….

[Greenmantle]

jrb43 said:

911s are free from CGT….

just like me you have just watched Chris Harris and that 911 S/T video and ICMFP!

[Greenmantle]

Shnozz said:

SIPP seems to be the most obvious choice for tax limitation purposes. Has there been something that concerned you regarding pensions that has prevented you from investing in a pension previously?

yep the annuity shenanigans!
I'm now looking at a lifetime drawdown of the SIPP (well below the 4 or 5% amount)

[anonymous-user]

I'm ten years (hopefully) away from retirement and I put as much money as I can into my SIPP. I get my bonus this month and I have just requested payroll pay this into my SIPP as well.

Best investment ever as you immediately get 40% for free and I get a nice fuzzy feeling that I am not giving the tax to the government to waste.

Loads of people I work with don't pay anything into their pension other than the company minimum and thought that putting the bonus into a pension was "wasting it".

I am a higher rate tax payer too, I pay enough into my SIPP so that I don't pay 40% tax on any of my salary. I am also looking forward to increasing the amount I put in the closer I get to retirement.

[TwigtheWonderkid]

ThingsBehindTheSun said:

Best investment ever as you immediately get 40% for free and I get a nice fuzzy feeling that I am not giving the tax to the government to waste.

If you pay in £600 you end up with £1000. That's 66.6% free!!!

[jrb43]

Greenmantle said:

jrb43 said:

911s are free from CGT….

just like me you have just watched Chris Harris and that 911 S/T video and ICMFP!

Ding ding. Absolutely spot on. I’m sure my 3yr old wasn’t thinking of university anyway….

[Shnozz]

jrb43 said:

Greenmantle said:

jrb43 said:

911s are free from CGT….

just like me you have just watched Chris Harris and that 911 S/T video and ICMFP!

Ding ding. Absolutely spot on. I’m sure my 3yr old wasn’t thinking of university anyway….

Surely it should be a CGT is free of CGT. If you’re going down the Porsche route anyway…

[jrb43]

Shnozz said:

Surely it should be a CGT is free of CGT. If you’re going down the Porsche route anyway…

Well done