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chris123 hove actually 02 Oct 19 6.07pm
Originally posted by cryrst You most certainly did not ramble GM Someone earlier on the brexit thread said HOL was just abuse and slagging off. I corrected them and this proves my points. This thread has helped me understand with all posters about my pension. I will talk to my advisor but thank you all for your advice. I hope others on here will also get a better understanding as one day hopefully all of us will make it to that decision of shall I shan't I draw some dough. I have just 2 half years until I make some decisions and this thread will help with that. R Cryrst The actuarial value will increase the longer you defer - my pot wasn't enough at 60 so I'm planning to retire at 67 when the numbers will work a little better.
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chris123

hove actually 02 Oct 19 6.07pm

Originally posted by cryrst

You most certainly did not ramble GM
Someone earlier on the brexit thread said HOL was just abuse and slagging off.
I corrected them and this proves my points.
This thread has helped me understand with all posters about my pension.
I will talk to my advisor but thank you all for your advice.
I hope others on here will also get a better understanding as one day hopefully all of us will make it to that decision of shall I shan't I draw some dough.
I have just 2 half years until I make some decisions and this thread will help with that.
R
Cryrst

The actuarial value will increase the longer you defer - my pot wasn't enough at 60 so I'm planning to retire at 67 when the numbers will work a little better.

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Goal Machine The Cronx 02 Oct 19 6.30pm
Originally posted by Goal Machine With FAD the main attraction is the flexibility. If you wish, you can draw the whole 25% tax free cash out in one go. Alternatively, you can gradually drip out the 25% tax free element to supplement your other income. Everyone has a £12,500 personal allowance which is 0% tax (except for for people earning over £150,000). The next £37,500 of taxable income is taxed at basic rate 20%. A common problem with those who don't take advice is that they withdraw the full 25% tax free cash "just because they can" - by doing this you are taking money out of a tax advantaged environment (the pension) which is most likely invested and growing, just to simply sit in their bank account. Money should be kept in the pension until its needed. Correction to the above. The personal allowance reduces at a rate of £1 for every £2 of earnings over £100,000. £150,000 relates to the annual allowance which is relevant for pension contributions.
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Goal Machine

The Cronx 02 Oct 19 6.30pm

Originally posted by Goal Machine

With FAD the main attraction is the flexibility. If you wish, you can draw the whole 25% tax free cash out in one go. Alternatively, you can gradually drip out the 25% tax free element to supplement your other income.

Everyone has a £12,500 personal allowance which is 0% tax (except for for people earning over £150,000). The next £37,500 of taxable income is taxed at basic rate 20%.

A common problem with those who don't take advice is that they withdraw the full 25% tax free cash "just because they can" - by doing this you are taking money out of a tax advantaged environment (the pension) which is most likely invested and growing, just to simply sit in their bank account. Money should be kept in the pension until its needed.

Correction to the above. The personal allowance reduces at a rate of £1 for every £2 of earnings over £100,000.

£150,000 relates to the annual allowance which is relevant for pension contributions.

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cryrst The garden of England 02 Oct 19 6.48pm
Originally posted by Goal Machine Correction to the above. The personal allowance reduces at a rate of £1 for every £2 of earnings over £100,000. £150,000 relates to the annual allowance which is relevant for pension contributions. I dont think that will apply to me tbh ever!
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cryrst

The garden of England 02 Oct 19 6.48pm

Originally posted by Goal Machine

Correction to the above. The personal allowance reduces at a rate of £1 for every £2 of earnings over £100,000.

£150,000 relates to the annual allowance which is relevant for pension contributions.

I dont think that will apply to me tbh ever!

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