Search found 236 matches

by ursaminortaur
October 3rd, 2018, 10:12 am
Forum: Pensions - Practical Problems
Topic: Flexi-Access vs UFPLS and a bit on LTA
Replies: 8
Views: 852

Re: Flexi-Access vs UFPLS and a bit on LTA

Can I check if I understand the LTA calculation correctly? Example: LTA = £1m (for ease of use) SIPP value in year 1: £500k Withdraw £25k of dividends, LTA of 25,000/1,000,000 = 2.5%. Crystallised element = £100k. No tax due as £25k was all PCLS. SIPP value in year 2: £500k (grew from the £475k tha...
by ursaminortaur
October 2nd, 2018, 10:09 pm
Forum: Pensions - Practical Problems
Topic: Flexi-Access vs UFPLS and a bit on LTA
Replies: 8
Views: 852

Re: Flexi-Access vs UFPLS and a bit on LTA

I have a SIPP which I will be able to access next year (at 55). I have the choice of taking payments as UFPLS or Flexi-Access. For the below examples, assume my personal allowance has been consumed elsewhere, but that I am a basic rate taxpayer. For ease, ignore inflation. If I go the UFPLS route, ...
by ursaminortaur
October 2nd, 2018, 10:45 am
Forum: Does anyone know?
Topic: Trading Stocks after Brexit
Replies: 5
Views: 648

Share dealing post-brexit

I thought I'd seen a thread started on this board about this a few days ago but it seems to have disappeared. This post merged from the new thread into this moved topic (chas49) In the event of a nodeal brexit there would be no financial equivalence regime and hence the UK would be in a wors...
by ursaminortaur
September 28th, 2018, 10:39 am
Forum: Banking Sector
Topic: RBS and a Labour Government
Replies: 15
Views: 2538

Re: RBS and a Labour Government

Article 1 of Protocol No. 1 states: Every natural or legal person is entitled to the peaceful enjoyment of his possessions. No one shall be deprived of his possessions except in the public interest and subject to the conditions provided for by law and by the general principles of international law....
by ursaminortaur
September 28th, 2018, 9:56 am
Forum: Banking Sector
Topic: RBS and a Labour Government
Replies: 15
Views: 2538

Re: RBS and a Labour Government

One of the reasons Corbyn and co want to get out of the EU is because EU law prevents expropriation of ownership rights and also ensures the free movement of Capital. This would tie their hands considerably. However it would not be difficult for them to make life so difficult for banks and utilitie...
by ursaminortaur
September 27th, 2018, 9:42 am
Forum: Retirement Investing (inc FIRE)
Topic: Transferring out of a stakeholder pension
Replies: 9
Views: 1166

Re: Transferring out of a stakeholder pension

Don't discount the sense of freedom and achievement that comes with it. If there were to be a period in life where by accident or design, there is no regular income, it considerably reduces financial stress if there isn't a monthly mortgage or rental payment to make. I'd second paying off the mortg...
by ursaminortaur
September 18th, 2018, 10:22 am
Forum: Pensions - Practical Problems
Topic: Are voluntary NI contributions a no-brainer?
Replies: 25
Views: 3552

Re: Are voluntary NI contributions a no-brainer?

Just a note Check this... only buy new years from 2016/17 onwards...do NOT buy missing years of NI contributions from before tax year 16/17. Why? Hint: Recommendation + justification makes for a more valuable post... When the new system began in 2016 a starting amount was calculated which was the m...
by ursaminortaur
September 17th, 2018, 8:12 am
Forum: Retirement Investing (inc FIRE)
Topic: Taking 25% Tax-Free Withdrawal from HL SIPP at 55
Replies: 24
Views: 4899

Re: Taking 25% Tax-Free Withdrawal from HL SIPP at 55

HL aren’t able to give financial advice so can’t charge. I’m surprised they didn’t direct you to an advisor, or at least even suggest it might be an idea to speak to someone. That’s pretty outrageous. 1. You’re voluntarily reducing the growth potential of your crystallised drawdown pot by making a ...
by ursaminortaur
September 1st, 2018, 10:51 am
Forum: Macro and Global Topics
Topic: Pensions the last pot of gold.
Replies: 43
Views: 2340

Re: Pensions the last pot of gold.

I had a think about the public sector and think you'd be right they would be loathe to offer it as indeed would any defined benefit scheme. These schemes are based on final salary or career average salary and salary sacrifice would by necessity reduce those numbers. A pension member would be crazy ...
by ursaminortaur
August 28th, 2018, 12:04 pm
Forum: Pensions - Practical Problems
Topic: Deliberately losing FP2016 after BCE 1 "for the win"?
Replies: 26
Views: 1318

Re: Deliberately losing FP2016 after BCE 1 "for the win"?

To go back to your original question, I’d be surprised if you can get 40% tax relief on the non-earners pension contribution. Only because I know that the 20% tax reclaim is given irrespective of whether you have actually paid tax. I may be wrong though, and would be interested to know the answer t...
by ursaminortaur
August 27th, 2018, 8:21 pm
Forum: Pensions - Practical Problems
Topic: Deliberately losing FP2016 after BCE 1 "for the win"?
Replies: 26
Views: 1318

Re: Deliberately losing FP2016 after BCE 1 "for the win"?

Either way you are still better off having an excess to be charged than not having any excess since you get to keep 45% of the excess. Agreed, except that this is not the comparison I am interested in. The issue is around the timing of crystallisation relative to a posited short-period 1% rise in m...
by ursaminortaur
August 27th, 2018, 7:13 pm
Forum: Pensions - Practical Problems
Topic: Deliberately losing FP2016 after BCE 1 "for the win"?
Replies: 26
Views: 1318

Re: Deliberately losing FP2016 after BCE 1 "for the win"?

If the penalty is £3125 then your excess over the LTA would be £5681.82 and after paying the penalty you would be left with £2556.82 more than you would have if you hit the LTA spot on. Not quite correct figures. The penalty is 25% of the amount above the LTA. The remainder is then taxed at margina...
by ursaminortaur
August 27th, 2018, 5:54 pm
Forum: Pensions - Practical Problems
Topic: Deliberately losing FP2016 after BCE 1 "for the win"?
Replies: 26
Views: 1318

Re: Deliberately losing FP2016 after BCE 1 "for the win"?

Although I agree about the idiocy of the now relatively low level of the LTA I'm not sure I would worry quite so much about exceeding it by a small amount. You have fixed protection so aren't contributing money to the pension so any chance of exceeding the LTA is just down to growth or the vagaries...
by ursaminortaur
August 27th, 2018, 4:32 pm
Forum: Pensions - Practical Problems
Topic: Deliberately losing FP2016 after BCE 1 "for the win"?
Replies: 26
Views: 1318

Re: Deliberately losing FP2016 after BCE 1 "for the win"?

I don't think that is correct. Unfortunately most of the information on the web assumes that if you are a higher rate tax payer you are in that position because you have large relevant earnings so doesn't explicitly deal with this situation. However this link from Aegon appears to cover it ... Than...
by ursaminortaur
August 27th, 2018, 11:58 am
Forum: Pensions - Practical Problems
Topic: Deliberately losing FP2016 after BCE 1 "for the win"?
Replies: 26
Views: 1318

Re: Deliberately losing FP2016 after BCE 1 "for the win"?

You do not have any earned income to claim the extra tax relief on. It has to be earned ? I understand that you can only put in up to your earnings or £2,880 as an annual input allowance, but it wasn't clear to me that full tax relief couldn't still be claimed on that input. Maybe I missed somethin...
by ursaminortaur
August 23rd, 2018, 2:22 pm
Forum: Brokers and Share Dealing
Topic: Should brokers accept Recommended Offers by default?
Replies: 5
Views: 814

Re: Should brokers accept Recommended Offers by default?

Seeking opinions: With regard to takeover proposals, should nominee brokers accept Recommended Offers on behalf of clients (nominators) by default? Of course they shouldn't. Ideally they should provide a mechanism for clients who hold shares in the affected company via their nominee account to vote...
by ursaminortaur
August 11th, 2018, 6:24 pm
Forum: Pensions - Practical Problems
Topic: Using pension cash to add to another pension?
Replies: 22
Views: 2497

Re: Using pension cash to add to another pension?

With a SIPP you can simply withdraw the 75% that isn't part of a lump sum - it's just something to pay tax on. Seems to me that you can put in £2,880 to a SIPP at (say) end-March, then withdraw £3,600 once the tax credit has been added, and of that amount 25% is a tax-free, hence saving 25% of the ...
by ursaminortaur
August 11th, 2018, 6:15 pm
Forum: Pensions - Practical Problems
Topic: UFPLS and LTA
Replies: 1
Views: 446

Re: UFPLS and LTA

I have a pension that is about to increase and I have been asked to fill in a form to calculate my lifetime allowance. The pension in question is the only one that I plan to take regular payments from. I have a SIPP that I have taken one UFPLS from (which was in the last tax year) and will in futur...
by ursaminortaur
August 11th, 2018, 2:37 pm
Forum: Brokers and Share Dealing
Topic: FSCS protection for Cash in Brokers
Replies: 5
Views: 802

Re: FSCS protection for Cash in Brokers

As I understand it there are two situations in which FSCS compensation might be paid out for cash with a broker. Firstly if the broker was holding the cash temporarily itself without having paid it into a bank when it went bust or alternatively fraud or negligent behaviour had occurred. In those ci...
by ursaminortaur
August 11th, 2018, 12:57 pm
Forum: Pensions - Practical Problems
Topic: Pension recycling rules
Replies: 4
Views: 796

Re: Pension recycling rules

You will not be caught by the pension recycling rules if your additional contributions over a three year period amount to less than 30% of the tax free lump sum. If the lump sum was £100 K then you could increase contributions by £10K per year safely within the rules. Over the next 3 years you will...

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