Originally posted by BrilloPad
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Warchest in pension fund and withdraw immediately at 55
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I have thought about doing the same thing, but in the end I decided it wasn't worth the risk. Once the money is in a pension, it isn't under your control any longer.
I would rather keep it in the company for now and take it out when possible and invest it myself. I would rather have that money under my control and to spend/invest in my 40s rather than wait until 58 or 59 or whatever age the government force into law. By the time the government finish raping pensions, I might not even live long enough to enjoy my own money and it might not have been worth the wait anyway with all of tax changes coming in.Comment
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Originally posted by Eirikur View PostLooks like I will be 55 in time, unless the law changes as suggested in the Telegraph article to get rid of the loopholes like the one I'm thinking of to use in my OPPublic Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k.Comment
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Originally posted by Eirikur View PostLooks like I will be 55 in time, unless the law changes as suggested in the Telegraph article to get rid of the loopholes like the one I'm thinking of to use in my OP
What happens in a decade? Well who care, government will be out of power then.Comment
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Originally posted by BrilloPad View PostI can't see the rules changing that much. The government needs wrinklies to burn their pension pots to keep the Ponzi economy going.
What happens in a decade? Well who care, government will be out of power then."You’re just a bad memory who doesn’t know when to go away" JRComment
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Originally posted by BrilloPad View PostI can't see the rules changing that much. The government needs wrinklies to burn their pension pots to keep the Ponzi economy going.
What happens in a decade? Well who care, UKIP will be in power then.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Yes I believe it should be possible and also a good idea. Maximize your pension contributions immediately before retirement to avoid corporation tax and then take it out as your 25% tax free lump sum.
Be aware that further changes to the pension rules are expected soon, probably in the next budget. You may find that the contribution limit is reduced.
I think fears about the age at which you can access your pension being raised are unfounded, especially if you make the contribution a year or two before retirement.Comment
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Originally posted by syrio View PostYes I believe it should be possible and also a good idea. Maximize your pension contributions immediately before retirement to avoid corporation tax and then take it out as your 25% tax free lump sum.
Be aware that further changes to the pension rules are expected soon, probably in the next budget. You may find that the contribution limit is reduced.
I think fears about the age at which you can access your pension being raised are unfounded, especially if you make the contribution a year or two before retirement."You’re just a bad memory who doesn’t know when to go away" JRComment
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Originally posted by SimonMac View Post[url=http://www.hmrc.gov.uk/tools/pension-allowance/]Technically you can put in more than £40k, but it will cost you!
http://www.hl.co.uk/news/articles/extra-pension-tax-relief-available-nowComment
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Originally posted by syrio View PostI think fears about the age at which you can access your pension being raised are unfounded, especially if you make the contribution a year or two before retirement.Originally posted by SueEllen View PostSo says someone with a fixed state pension age of 65.....Comment
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