New pension rules
Discussion
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I retired last April at 55 so did the old pension thing with a lump sum and a pension.
You have to be careful with the new scheme where you can take out some or all of your pension pot while still being employed as the amount you take out is added to your yearly salary and you have to pay tax on it.
So if you took out money to pay for a Golf R after tax you may only be able to afford a GTI.
You have to be careful with the new scheme where you can take out some or all of your pension pot while still being employed as the amount you take out is added to your yearly salary and you have to pay tax on it.
So if you took out money to pay for a Golf R after tax you may only be able to afford a GTI.
btcc123 said:
I retired last April at 55 so did the old pension thing with a lump sum and a pension.
You have to be careful with the new scheme where you can take out some or all of your pension pot while still being employed as the amount you take out is added to your yearly salary and you have to pay tax on it.
So if you took out money to pay for a Golf R after tax you may only be able to afford a GTI.
You still have the tax free allowance of 25%You have to be careful with the new scheme where you can take out some or all of your pension pot while still being employed as the amount you take out is added to your yearly salary and you have to pay tax on it.
So if you took out money to pay for a Golf R after tax you may only be able to afford a GTI.
I wonder how long it will be before the daytime PPI and moneylending adverts are replaced by 'Unlock your pension with Leggett Swift' adverts? And a picture of a cruise liner in the background of course. And some happy people holding big fans of cash. 'Getting hold of your pension money used to be difficult or even impossible. But now you can, thanks to Leggett Swift...'
Watch this space...
Watch this space...
Edited by Simpo Two on Monday 6th April 12:52
The key issue here is that while you can cash your pension now, it's still barmy to do it. The idea of a pension is to provide income for your retirement, not to splash on fancy motors, then starve when you're 80. Lots of people justifiy it by saying they won't live that long, but 60% of the population do.
2 sMoKiN bArReLs said:
The trick is to spend your last penny as you draw your last breath 
I thought it was to die in debt having a good time Reminds of a pals dad due to hit state pension age next year, he bought a small camper to enjoy with his missus and left money to live on which prevents any state aid, he wishes he bought a big RV because he'll be dead by pension age and is now too ill do enjoy it
Edited by anonymous-user on Monday 6th April 13:32
Simpo Two,
Where have you been? Have you not seen already the adverts offering "pension freedom" "free impartial advice" etc and had the unsolicited text messages? All of which are not to be trusted, of course.
In an effort to avoid PPI-like claims in future, Pensions Wise is having to ensure it maintains all meeting and telephone records over many years in an effort to avoid such claims. Won't stop unscrupulous parties from seeking fees for such "suspicious" claims in the future of course.
R.
Where have you been? Have you not seen already the adverts offering "pension freedom" "free impartial advice" etc and had the unsolicited text messages? All of which are not to be trusted, of course.
In an effort to avoid PPI-like claims in future, Pensions Wise is having to ensure it maintains all meeting and telephone records over many years in an effort to avoid such claims. Won't stop unscrupulous parties from seeking fees for such "suspicious" claims in the future of course.
R.
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