Pension. Please guide.

[Flashback]

I think they have a penalty of £480

"While our drawdown option is free of charge, if you withdraw everything within 12 months of having a live balance with us a full withdrawal fee of £480 applies. This fee will also be charged if the balance of your account is less than £480 at the point of withdrawal. All our figures include VAT where applicable."

Yes but I can transfer after 12 months. Next year I will try vanguard, as suggested by many here. Good to keep your money in different places may be.
Vanguard takes weeks to verify company details Vanguard: Helping you reach your investing goals | Vanguard "Please be aware, it may take a few weeks to verify your company before we can accept your first payment."

Indeed, I pinged them via secure message just before Christmas and they turned around my account opening in 2 days though. It never hurts to ask!

[Lance]

Perfect, good to know if you're in a bind and time sensitive then Pensionbee can spin up an account for you pretty quickly. I guess you can then transfer from there to your preferred SIPP provider (assuming PB is no good to hold onto longer term!).

Good to know for when exactly?

How often are you expecting to need a new pension setup quickly?

[Flashback]

Good to know for when exactly?

How often are you expecting to need a new pension setup quickly?

It may be more regular than you think, as you can see myself and one other were in a similar position the past few weeks. It seems to be helpful to give data points for others who may find themselves in a similar position. No need to be rude.

[Lance]

It may be more regular than you think, as you can see myself and one other were in a similar position the past few weeks. It seems to be helpful to give data points for others who may find themselves in a similar position. No need to be rude.

that wasn't rude.


You will never need it again will you?

So on that basis, are you seriously going to suggest to someone else, who knows very little about pensions, company taxation and investments, to use a platform you've only heard about once and who's fees you don't understand?
Simply to defer a CT bill of <£8k by just 12 months?


As NLUK put it

This is a lot of money you are messing with here

[Flashback]

that wasn't rude.


You will never need it again will you?

So on that basis, are you seriously going to suggest to someone else, who knows very little about pensions, company taxation and investments, to use a platform you've only heard about once and who's fees you don't understand?
Simply to defer a CT bill of <£8k by just 12 months?


As NLUK put it

Nope, you seem to be missing the point here. As such, I won't engage further and you can continue to live in your own little world where you have your own reality and think that applies equally to everyone.

[Lance]

Nope, you seem to be missing the point here. As such, I won't engage further and you can continue to live in your own little world where you have your own reality and think that applies equally to everyone.

Now you're the one who's rude. Go figure.

[sammy2020]

that wasn't rude.


You will never need it again will you?

So on that basis, are you seriously going to suggest to someone else, who knows very little about pensions, company taxation and investments, to use a platform you've only heard about once and who's fees you don't understand?
Simply to defer a CT bill of <£8k by just 12 months?


As NLUK put it

What do you mean by "defer a CT bill of <£8k by just 12 months"? where is 12 months coming from.

[Lance]

What do you mean by "defer a CT bill of <£8k by just 12 months"? where is 12 months coming from.

should have said defer a CT reduction.

The 12 months is due to doing the payment in the next company year.

[sammy2020]

should have said defer a CT reduction.

The 12 months is due to doing the payment in the next company year.

Do you meant that I could have used this unused pension allowance to reduce tax burden next year. If yes - I am aiming for zero corporation tax.If I want to use past allowance I can use my spouse's unused allowance. If i want to I don't have much pension as I came here quite late of my career and I think it makes sense to save for retirement rather than pay to govt. And govt doesn't mind that. Tax minimisation and evasion are two different things.

[northernladuk]

Do you meant that I could have used this unused pension allowance to reduce tax burden next year. If yes - I am aiming for zero corporation tax.If I want to use past allowance I can use my spouse's unused allowance. If i want to I don't have much pension as I came here quite late of my career and I think it makes sense to save for retirement rather than pay to govt. And govt doesn't mind that. Tax minimisation and evasion are two different things.

We keep telling you.... Go speak to a specialist. Get it wrong on the advice of a contractor and it will cost you dear. Stop pissing about and do it properly. Even your accountant can answer most of these.