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Savings and Investments thread
Comments
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8550 please!1
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8425 please1
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8652 for me Thanks1
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8695 please1
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78881
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Might need to adjust some of these predictions. FTSE100 hit an all time high on Friday and is above 8500 for the first time ever.0
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84581
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Yes close was FTSE 100 8505.69 closing record, and also an Intraday record of 8532.58 on Friday afternoon.golfaddick said:Might need to adjust some of these predictions. FTSE100 hit an all time high on Friday and is above 8500 for the first time ever.0 -
8823 pls1
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Crazy few weeks really. Pensions flying this month, up £31k!2
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The older I get, the less I understand the stock market!Rob7Lee said:Crazy few weeks really. Pensions flying this month, up £31k!
3 days in a row of huge rises. A new high for the FTSE. And all this a couple of months before the budget comes into effect which let's just say seems unlikely to lead to much growth.
Reality has to hit home soon surely? So a pessimistic 8151 for me, please.2 -
Same here - recent moves are totally counter to my intuition. I've been close to selling a biggish chunk for a while, but glad I havent so far, would be missing out big time.Fortune 82nd Minute said:
The older I get, the less I understand the stock market!Rob7Lee said:Crazy few weeks really. Pensions flying this month, up £31k!
3 days in a row of huge rises. A new high for the FTSE. And all this a couple of months before the budget comes into effect which let's just say seems unlikely to lead to much growth.
Reality has to hit home soon surely? So a pessimistic 8151 for me, please.
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8510 please1
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So far:
Er_Be_Ab_Pl_Wo_Wo_Ch 7888 Fortune 82nd Minute 8151 Jon_CAFC_ 8175 bobmunro 8185 meldrew66 8202 Lenglover 8301 Solidgone 8333 Huskaris 8390 Addickinedi 8419 Pedro45 8425 guinnessaddick 8432 Arsenetatters 8458 fat man on a moped 8475 CAFCWest 8499 HardyAddick 8501 Bangkokaddick 8510 blackpool72 8512 LargeAddick 8529 Carter 8531 CharltonKerry 8541 Lonelynorthernaddick 8550 oohaahmortimer 8555 valleynick66 8562 Housty 8564 Thread Killer 8631 RalphMilne 8652 Addick Addict 8662 golfaddick 8675 wwaddick 8695 Jamescafc 8700 Rob7Lee 8771 WHAddick 8823 0 -
87021
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https://www.bbc.co.uk/news/articles/c9vmym2jvy9oNew Crypto opportunity launched by top businessman. Better get in quick as it is already rocketing in price.3
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88921
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Can, those in the industry / know confirm my thinking on the following regarding a DC pension pot. Since retiring, iv lost touch with the newer rules.
A friend has a DC Pot of around £140,000 with Fidelity. They wish to go into drawdown on this pension. There intention to take £10,000 in this first year and then annually drawdown a similar amount. Hoping the pot will last 14 years plus…..
They want to spread the Tax free 25% over the drawdown period. So they wish to take in this first year £10,000 … £2,500 Tax free and £7500 Taxed.
A then repeat this over the forthcoming years. Is this still allowed , or does the whole of the Tax Free element have to be taken first.
Also, after the initial £10,000 drawdown the remainder of the fund will remain invested. If the fund was to successfully make a return over the year, let’s say back to £140,000. A return of £10,000 is 25% of this return also tax free, or is the tax free element only applicable to the pot value at the initial drawdown.
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@ralphmilne
Yes can take £10k of which £2.5 is tax free each year, the rest of the post is still invested and any gain can also use 25 % tax free
so if the make another 40k over the 14 years, 10k of that would be tax free2 -
The answer to both questions is Yes.RaplhMilne said:Can, those in the industry / know confirm my thinking on the following regarding a DC pension pot. Since retiring, iv lost touch with the newer rules.
A friend has a DC Pot of around £140,000 with Fidelity. They wish to go into drawdown on this pension. There intention to take £10,000 in this first year and then annually drawdown a similar amount. Hoping the pot will last 14 years plus…..
They want to spread the Tax free 25% over the drawdown period. So they wish to take in this first year £10,000 … £2,500 Tax free and £7500 Taxed.
A then repeat this over the forthcoming years. Is this still allowed , or does the whole of the Tax Free element have to be taken first.
Also, after the initial £10,000 drawdown the remainder of the fund will remain invested. If the fund was to successfully make a return over the year, let’s say back to £140,000. A return of £10,000 is 25% of this return also tax free, or is the tax free element only applicable to the pot value at the initial drawdown.
1) You can take Drawdown in various different way, one being taking 25% of the payment (lump sum or regular) as tax free & the remaining 75% being taxable......the onus on the word taxable because if the person taking the money has no other income then the 75% in your scenario would be tax free as it falls within their personal allowance.
2) the beauty of Drawdown is that the remaining pot ( known as uncrystalised funds) is left to grow and therefore when you come to take some more it has (hopefully) grown back up to the original amount.....and some. Hence why it is never a good idea to take out all of your 25% tax free element in one go & just stick it in the bank.3 - Sponsored links:
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I was doing this, but when it was mooted that the chancellor might remove the 25% tax free lump sum option I changed tack and withdrew the 25% tax free lump sum to put into ISA/savings.RaplhMilne said:Can, those in the industry / know confirm my thinking on the following regarding a DC pension pot. Since retiring, iv lost touch with the newer rules.
A friend has a DC Pot of around £140,000 with Fidelity. They wish to go into drawdown on this pension. There intention to take £10,000 in this first year and then annually drawdown a similar amount. Hoping the pot will last 14 years plus…..
They want to spread the Tax free 25% over the drawdown period. So they wish to take in this first year £10,000 … £2,500 Tax free and £7500 Taxed.
A then repeat this over the forthcoming years. Is this still allowed , or does the whole of the Tax Free element have to be taken first.
Also, after the initial £10,000 drawdown the remainder of the fund will remain invested. If the fund was to successfully make a return over the year, let’s say back to £140,000. A return of £10,000 is 25% of this return also tax free, or is the tax free element only applicable to the pot value at the initial drawdown.
If the tax free lump sum option is not removed so what, the funds can still be invested in a S&S ISA this and next tax year or put into Cash ISA or savings.1 -
8250, please Bob.Rob7Lee said:So far:Er_Be_Ab_Pl_Wo_Wo_Ch 7888 Fortune 82nd Minute 8151 Jon_CAFC_ 8175 bobmunro 8185 meldrew66 8202 Lenglover 8301 Solidgone 8333 Huskaris 8390 Addickinedi 8419 Pedro45 8425 guinnessaddick 8432 Arsenetatters 8458 fat man on a moped 8475 CAFCWest 8499 HardyAddick 8501 Bangkokaddick 8510 blackpool72 8512 LargeAddick 8529 Carter 8531 CharltonKerry 8541 Lonelynorthernaddick 8550 oohaahmortimer 8555 valleynick66 8562 Housty 8564 Thread Killer 8631 RalphMilne 8652 Addick Addict 8662 golfaddick 8675 wwaddick 8695 Jamescafc 8700 Rob7Lee 8771 WHAddick 8823
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This is exactly what I did, except I took the full 25% tax free and put maximum into ISA and the rest in the bank. But then over a couple of years took £20k of the £149k balance in monthly drawdowns and the balance is now £197k! I need to start the monthly drawdowns again since retiring...golfaddick said:
The answer to both questions is Yes.RaplhMilne said:Can, those in the industry / know confirm my thinking on the following regarding a DC pension pot. Since retiring, iv lost touch with the newer rules.
A friend has a DC Pot of around £140,000 with Fidelity. They wish to go into drawdown on this pension. There intention to take £10,000 in this first year and then annually drawdown a similar amount. Hoping the pot will last 14 years plus…..
They want to spread the Tax free 25% over the drawdown period. So they wish to take in this first year £10,000 … £2,500 Tax free and £7500 Taxed.
A then repeat this over the forthcoming years. Is this still allowed , or does the whole of the Tax Free element have to be taken first.
Also, after the initial £10,000 drawdown the remainder of the fund will remain invested. If the fund was to successfully make a return over the year, let’s say back to £140,000. A return of £10,000 is 25% of this return also tax free, or is the tax free element only applicable to the pot value at the initial drawdown.
1) You can take Drawdown in various different way, one being taking 25% of the payment (lump sum or regular) as tax free & the remaining 75% being taxable......the onus on the word taxable because if the person taking the money has no other income then the 75% in your scenario would be tax free as it falls within their personal allowance.
2) the beauty of Drawdown is that the remaining pot ( known as uncrystalised funds) is left to grow and therefore when you come to take some more it has (hopefully) grown back up to the original amount.....and some. Hence why it is never a good idea to take out all of your 25% tax free element in one go & just stick it in the bank.0 -
8479 for me0
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Looks like I went too early with my 8800 prediction last time, but read this piece yesterday which predict we could see 9,000 and 10,000 next year.0
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Am sitting here looking at the grandkids Junior ISAs, thinking that at the rate they are growing they might opt to retire at aged 18 rather than start a career!
Only kidding, but it's a great way of providing them with a financial boost. Wish I had been in a position to do it for my children, but mortgages etc took priority in those days.4 -
84601
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Mines up 17.2% over the past 12 months!Rob7Lee said:Crazy few weeks really. Pensions flying this month, up £31k!0 -
Crazy heh, would need to check last 12 months but since switching platform in mid 2022 I’m up just over 40%.Friend Or Defoe said:
Mines up 17.2% over the past 12 months!Rob7Lee said:Crazy few weeks really. Pensions flying this month, up £31k!1 -
Anybody got a recommendation on junior ISA provider?robinofottershaw said:Am sitting here looking at the grandkids Junior ISAs, thinking that at the rate they are growing they might opt to retire at aged 18 rather than start a career!
Only kidding, but it's a great way of providing them with a financial boost. Wish I had been in a position to do it for my children, but mortgages etc took priority in those days.0
