magazine archive
magazine archive
Ask Tom
How can I find an old pension and should I consolidate all my pots?
Thursday 27 Jan 2022I’m 45 years old and have worked in financial services since leaving university two decades ago. I’ve had five different employers and at each one I was offered a company pension. I have lost track of a couple of the pots. What’s the best way to find them? Also, would it make sense to combine these...
Will my wife pay inheritance tax on my pension when I die?
Thursday 20 Jan 2022Does my election using AJ Bell’s standard SIPP beneficiary facility to make my wife my beneficiary (100%) mean my pension would fall inside my estate and be counted for inheritance tax purposes? I appreciate that a spouse is able to inherit their partner’s estate without inheritance tax being...
What are the paying-in rules for an untouched SIPP?
Thursday 13 Jan 2022I have two SIPPs and one defined benefit pension. This year I have withdrawn the 25% tax-free lump sum from one of my SIPPs and later this tax year, when I reach 70, I will have to draw on my defined benefit pension. What is my maximum contribution to the SIPP which has not yet been accessed? Is it...
Help, I'm concerned about the pension lifetime allowance trigger?
Thursday 23 Dec 2021I will be 55 in 2022 and expect to have a pension pot of around £1.5 million. I intend to continue with self-employed part-time work (£30,000 per annum) for the next five years but would like to access the 25% lump sum to pay off some outstanding debt. However, I am concerned about the lifetime...
How much can you put in a SIPP and still draw an income from it?
Thursday 16 Dec 2021Am I able to continue investing £3,600 per year into my SIPP while, in parallel, taking an income (pension) from my SIPP pot? Malcolm Tom Selby, AJ Bell Head of Retirement Policy says: The most someone with little or no UK relevant earnings can save in a pension each year and still get tax relief...
Can I carry forward old allowances and top up my pension?
Thursday 09 Dec 2021I recently sold my company shares and understand I can pay a larger pension contribution from the proceeds using the last three years’ annual allowances. How does this work in practice? Nigel Tom Selby, AJ Bell Head of Retirement Policy says: The amount you can save tax-efficiently in a pension...
Am I too late to save for retirement and should I use a Lifetime ISA or pension?
Thursday 02 Dec 2021I’m 35-years-old and, for various reasons, have only just got round to thinking about saving for retirement. I’m self-employed and my earnings tend to be between £30,000 and £45,000 per year. I’ve seen adverts for Lifetime ISAs and SIPPs and I’m considering setting up a regular savings plan. Two...
Retirement money: should I access my ISA or SIPP first?
Thursday 25 Nov 2021I’m approaching retirement and have the majority of my savings split between an ISA and a SIPP. Does it make any difference which of these pots of money I access first? I have three children and would ideally like to divide anything I have left equally between them when I die. Charlie Tom Selby, AJ...
Can I top up my SIPP and pay into a workplace pension?
Thursday 18 Nov 2021I am paying 7% of my salary into a workplace pension and my employer is matching the contributions. My intention is to retire in around a decade when I am in my early 60s. Am I allowed to top up my SIPP at the same time as paying into the workplace pension? How does the tax relief work if, for...
At what point is the lifetime allowance calculated?
Thursday 11 Nov 2021I have several pension pots with various companies of different sizes. I will be using all of them as drawdown. From what I understand, I can take 25% tax-free allowance from each pot, with the remainder subject to income tax. I plan to take 25% from each of the pots over a number of years, while...