Drawdown
Posted: June 17th, 2024, 8:06 am
I’m ready to draw on my DC pension using a drawdown policy. The given rate is app 4% annually but if I’m looking at 20 yrs period then say 5% better ?
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Alan24 wrote:I’m ready to draw on my DC pension using a drawdown policy. The given rate is app 4% annually but if I’m looking at 20 yrs period then say 5% better ?
Alan24 wrote:I’m ready to draw on my DC pension using a drawdown policy. The given rate is app 4% annually but if I’m looking at 20 yrs period then say 5% better ?
Alan24 wrote:I’m ready to draw on my DC pension using a drawdown policy. The given rate is app 4% annually but if I’m looking at 20 yrs period then say 5% better ?
Alan24 wrote: Cheers for that. Also should i take the tax free element even if I don’t really need it ?
MuddyBoots wrote:[On the other hand, if you're likely to use the money within your lifetime the TFLS -> ISA route is an option. If you're married, you can think about gifting some of that money to your partner's ISA to maximise the tax efficiency, because when one partner dies their ISA tax benefit is terminated and isn't transferable within the wrapper.
If your spouse or civil partner dies you can inherit their ISA allowance.
As well as your normal ISA allowance you can add a tax-free amount up to either:
the value they held in their ISA when they died
the value of their ISA when it’s closed
https://www.gov.uk/individual-savings-a ... il-partner
EthicsGradient wrote:MuddyBoots wrote:[On the other hand, if you're likely to use the money within your lifetime the TFLS -> ISA route is an option. If you're married, you can think about gifting some of that money to your partner's ISA to maximise the tax efficiency, because when one partner dies their ISA tax benefit is terminated and isn't transferable within the wrapper.
I thought it is transferable - effectively:If your spouse or civil partner dies you can inherit their ISA allowance.
As well as your normal ISA allowance you can add a tax-free amount up to either:
the value they held in their ISA when they died
the value of their ISA when it’s closed
https://www.gov.uk/individual-savings-a ... il-partner
Or did you mean something else?