Which SIPP?

[gawabsky]

I don`t have a sipp at present as I approach retirement age,Just a small superranuation pension.
Am wanting to transfer a lump sum to purchase shares and a share transfer in specie into the Sipp.

I want to ensure creditors cannot access this sipp in the future.Which SIPP type should I go for ?

Gawabsky

[PinkDalek]

Are you aware of the monetary limits as to the maximum amount you can subscribe?

You might want to read the many SIPP related posts at Pensions - Practical Problems viewforum.php?f=17.

[swill453]

I haven't come across the concept of in specie transfers into SIPPs, though it seems to be possible.

However on searching for it I came across and report that if you do so then you won't get tax relief on the value that you pay in. See https://www.ftadviser.com/sipp/2020/06/ ... er-ruling/

Scott.

[gawabsky]

Are you aware of the monetary limits as to the maximum amount you can subscribe?

You might want to read the many SIPP related posts at Pensions - Practical Problems viewforum.php?f=17.

I thought it was £40k a year?

Will check out both your links.

Thanks,

gawabsky

[Alaric]

I thought it was £40k a year?

Limited also to 100% of earned income.

[ursaminortaur]

Are you aware of the monetary limits as to the maximum amount you can subscribe?

You might want to read the many SIPP related posts at Pensions - Practical Problems viewforum.php?f=17.

I thought it was £40k a year?

Will check out both your links.

Thanks,

gawabsky

To get tax relief on your pension contributions you can only contribute gross each year

a) £3600 if you have no earnings or less than £3600 in earnings
or
b) The minimum of your earnings and the annual allowance *.

* The annual allowance for most people is £40,000. However if you have very large earnings - now above £200,000 - your annual allowance could be reduced by what is known as the annual allowance taper.

The annual allowance applies to all contributions that year to all pensions that you have and includes employer contributions. Hence if you are still contributing to your workplace pension (small superannuation pension) then those contributions will count as part of your annual allowance.

If you do have earnings this year above £40,000 then you may be able to carry-forward unused allowance from upto the previous three years allowing you to contribute more than £40,000 this year.

https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/the-annual-allowance

The annual allowance applies across all of the schemes you belong to, it’s not a ‘per scheme’ limit and includes all of the contributions that you or your employer pay or anyone else who pays on your behalf.
.
.
.
If you exceed the annual allowance in a year, you won't receive tax relief on any contributions you paid that exceed the limit and you will be faced with an annual allowance charge.

https://www.pruadviser.co.uk/knowledge-literature/oracle-plus/tapered-annual-allowance/

https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/carry-forward

[paulnumbers]

I don`t have a sipp at present as I approach retirement age,Just a small superranuation pension.
Am wanting to transfer a lump sum to purchase shares and a share transfer in specie into the Sipp.

I want to ensure creditors cannot access this sipp in the future.Which SIPP type should I go for ?

Gawabsky

You may find useful

https://brokerlibrary.co.uk/

[swill453]

You may find useful

https://brokerlibrary.co.uk/

Interesting site, but I'm not sure how accurate it is. I checked for my circumstances, a SIPP in drawdown with AJBell Youinvest, and it said there would be a £120 drawdown fee. As of 1st January they don't charge for drawdown.

Scott.

[paulnumbers]

You may find useful

https://brokerlibrary.co.uk/

Interesting site, but I'm not sure how accurate it is. I checked for my circumstances, a SIPP in drawdown with AJBell Youinvest, and it said there would be a £120 drawdown fee. As of 1st January they don't charge for drawdown.

Scott.

The chaps who did it just launched it a few weeks ago, he's quite keen to iron out any discrepancies which you can notify him here

https://brokerlibrary.co.uk/contact

Im sure he's keen to hear from you!

https://old.reddit.com/r/UKPersonalFina ... ison_site/