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Ftgab19

Taking money out to buy uk gilts

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Hi everyone

 

My dad is over 55 now and wants to move as much money as he can out of his pensions and into UK government gilts. He's sending off his application to join the approved group of investors soon but needs help with withdrawing the money. He believes he'll make more interest and that the gilts are a safer bet with the way the market currently is. He was thinking of buying a 5 year and 10 year gilt but doesn't want to pay the tax to withdraw the money from the pension pots.

 

He's got three pension pots, I know you can take 25% without tax but does that apply to all pots or just overall? and would there be a way to take the rest out tax free or with low tax applied?

 

Thanks

Andrew


We live in a world where seeing is not believing, where only a few know what really happened.

NatWest Problem *****Refunded*****

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Hello there.

 

I've moved you to the main pensions forum because you posted in the media section. Hopefully more people will see your thread here.

 

HB


Illegitimi non carborundum

 

 

 

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Hi everyone

 

My dad is over 55 now and wants to move as much money as he can out of his pensions and into UK government gilts. He's sending off his application to join the approved group of investors soon but needs help with withdrawing the money. He believes he'll make more interest and that the gilts are a safer bet with the way the market currently is. He was thinking of buying a 5 year and 10 year gilt but doesn't want to pay the tax to withdraw the money from the pension pots.

 

He's got three pension pots, I know you can take 25% without tax but does that apply to all pots or just overall? and would there be a way to take the rest out tax free or with low tax applied?

 

Thanks

Andrew

 

I think it's 25% of the total funds, here's a link to the Pensions Advice Service. You could also look at the Money Advice Service or the CAB.

 

http://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/tax-and-the-cash-lump-sum

 

I take it these are private pensions? And what do you mean about approved group of investors please?

 

Any other money that is withdrawn is taxed on top of your father's annual income, as I understand it, so the only way to pay less tax is to be in a lower tax band.

 

If your father wants to invest his pensions in gilts, is it possible to move the money in the private schemes in to funds with the same provider/s that invest in gilts?

 

Depending on how much money is involved, your father should consider taking independent advice.

 

HB


Illegitimi non carborundum

 

 

 

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