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Thread: Pension options

  1. #1

    Pension options

    Hello,


    I'm 46 and my partner is 62 and a foreign national (non-EU) with the right to live permanently in the UK. She has never drawn a pension and has a casual approach to work, often temping for 20 hours a week.


    I am seeking some advice regarding pension planning, my partner has long term investments in ISA's and funds, however, she does not have a pension.


    I believe that she could benefit from investing up to 2,880 a year in a SIPP and gain tax from the government? This would be much better than holding cash in ISAs?


    Any thoughts, suggestions or pointers towards further references would be very welcome.

  2. #2

  3. #3
    And have you checked on whether she has any entitlement to a state pension from here or elsewhere?

    https://www.gov.uk/check-state-pension

  4. #4
    Hi,


    thank you for the interest, yes, she has an entitlement to a small Japanese pension, however, she hasn't lived there for many years and her main investments are managed herself - but not in a pension wrapper. Currently she does not draw the Japanese pension.


    It seems a non-brainer that she should invest at least 2,880 a year, just to get 20% tax, she could then re-invest in similar funds or other investments.

  5. #5
    Getting on top of her state pension situation is most important because she can almost certainly get at least the minimum ten years to qualify even if she has almost no qualifying years. Since you can buy or top up six old years and she has around four to her state pension age she should get there. She may also get three years of juvenile credits added.

    At 6 April her right to buy or top up the oldest year goes so try to get it done in time to buy or top up at least that one.

    Yes, the pension tax relief is a good dea


 

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