Retirement

[Joe P]

Darth,

No offence, but it's probably safe to assume I'm not a complete financial idiot and ignoramus.

Jor

 

[JensenHealey]

Out of interest what persuaded you to transfer out of a gold plated FSS into a SIPP?

The singular advantage of moving to a SIPP - upon your death, the SIPP fund remants remains behind and is outside of your Death tax calculation too.
Moving to a SIPP is generally deprecated, but everyone is different and if you have sources of pension income (may be a wife with a good pension?) it may make sense. When you die with Final Salary job there may be a smaller widows pension, but the fund itself is lost.

I have a SIPP and a workplace contribution plan - both being fed as well as I can right now. My FA thinks that when my wide retires I will not need any income from these pots - so they rest and be passed on - although doubtless the tax-free element I will remove - perhaps to fund a motor caravan.

 

[Darth Vader]

Darth,

No offence, but it's probably safe to assume I'm not a complete financial idiot and ignoramus.

Jor

Joe, although I used your post as a reference point I did not address you personally as I have over the years got a reasonable understanding of your capabilities and jokes. No whenever I make these comments its to help clarify for the many who read this website but stay silent. After all this is a serious subject for many.

Cheers,

DV

 

[Darth Vader]

The singular advantage of moving to a SIPP - upon your death, the SIPP fund remants remains behind and is outside of your Death tax calculation too.
Moving to a SIPP is generally deprecated, but everyone is different and if you have sources of pension income (may be a wife with a good pension?) it may make sense. When you die with Final Salary job there may be a smaller widows pension, but the fund itself is lost.

I have a SIPP and a workplace contribution plan - both being fed as well as I can right now. My FA thinks that when my wide retires I will not need any income from these pots - so they rest and be passed on - although doubtless the tax-free element I will remove - perhaps to fund a motor caravan.

This is the position I am in now. We live off two state pensions, a cluster of small annuities from my wife and my teachers pension plus some income from our holiday home let. Every now and then we take profits from our ISA investments to top up our savings accounts. My SIPP hasn't been touched - not even the 25% tax free part in the 8 years that I have been retired. This means that the whole lot keeps growing tax free and my wife has sufficient funds for a live in carer if need be when I'm at that great-gig-in-the-sky.

Cheers,

DV

 

[webster]

The singular advantage of moving to a SIPP - upon your death, the SIPP fund remants remains behind and is outside of your Death tax calculation too.
Moving to a SIPP is generally deprecated, but everyone is different and if you have sources of pension income (may be a wife with a good pension?) it may make sense. When you die with Final Salary job there may be a smaller widows pension, but the fund itself is lost.

I have a SIPP and a workplace contribution plan - both being fed as well as I can right now. My FA thinks that when my wide retires I will not need any income from these pots - so they rest and be passed on - although doubtless the tax-free element I will remove - perhaps to fund a motor caravan.

That all makes sense but as you rightly say 'everyone is different'.
My primary objective is to maximise my pension (retirement income) and that would certainly not be achieved by moving to a SIPP.
I'm not sure there would be many (if any) FSS that don't have an attaching widows pension and any that do have probably implemented a rule change which would not be retrospective.
Like many others I'm a deferred member of a closed scheme but am quite happy to see my pension being revalued each year without any input (financial or otherwise) from myself.

 

[Spike]

DV

You seem to have done well with your investments over the last few years. Please consider starting a new thread with some suggestions.