magazine archive
magazine archive
Ask Rachel
What is my maximum tax-free allowance with individual protection 2016?
Thursday 29 Feb 2024I have individual protection 2016. I took my public service pension in 2019 with a tax-free lump sum below the current cap of £268,275, which is based on 25% of the current lifetime allowance of £1,073,100. I also have an uncrystallised SIPP (with AJ Bell). In the next financial year, I’m planning...
What are ‘relevant earnings’ when it comes to claiming pension tax relief?
Thursday 22 Feb 2024I understand I will get tax relief on my pension contributions up to my ‘relevant earnings’ but what are these? Are they my earnings or do they include my investment income as well? Can I still receive tax relief even if I have not paid any tax on my earnings (because they are too low)? Caroline...
Help: I’ve just started thinking about pension planning and I’m not sure where to start
Thursday 15 Feb 2024I have only recently started thinking seriously about my retirement. However, I am paying the maximum I can into my employer’s pension to get matching contributions, and I also pay into my SIPP each month. I am 48 years old and am trying to figure out how much more I need to pay into my SIPP to...
I want to pay a lump sum into my pension but could I breach my annual allowance?
Thursday 08 Feb 2024I am paying into both my SIPP and a workplace pension scheme. I earn about £50,000 a year and pay about £500 a month into my SIPP. My workplace pension scheme contributions are paid completely by my employer, whom I have a salary sacrifice arrangement with. I have just had a windfall of a cash lump...
Do rule changes mean I can start paying into my pension again?
Thursday 01 Feb 2024I took out fixed protection years ago and stopped paying in contributions from March 2016. My SIPP fund is now worth £1.5 million. I have heard the rules have changed and I can now start paying in? Is that right? And if so, do the usual rules apply to my pension fund and I can take a quarter of it...
I'm approaching 75 what should I do with my SIPP?
Thursday 25 Jan 2024My wife and I are both retired with excellent private and state pensions which more than cover our lifestyle. I am 74 years old. I also have another SIPP pension of £350,000 which I have not drawn down. If I do nothing, will I lose the chance to draw 25% (£87,500) of the pension tax free? I know...
Where is the best place to put the money I'm saving on my National Insurance contributions?
Thursday 18 Jan 2024I work as a technical consultant in an air freshener company and earn £30,000 a year. I am single, aged 24 and live at home with my parents. I’m delighted the government has cut my national insurance contributions as it means I may have a bit more money in my pay packet this month. But before I go...
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