VladKinder
Well-known member
Next year I will be 55 and retired.
I will have access to my SIPP which I've been paying £240 a month in (topped up to £300 with tax relief) for about 20 years.
The pot is not as big as my other tax efficient savings that I have in Cash and S&S ISAs.
When I'm retired I won't have any income except for about £3k a year via non-tax efficient investments.
Am I right in thinking that I won't have to pay tax on the SIPP if I start taking lump sums out of it because I will be well within my personal allowance?
Say If I took £13k a year out?
So basically the plan is:
To wind down my SIPP before I get my state pension at 67 because that is classed as taxable income.
Then at 67 live off my state pension and my ISA savings.
Would that work?
Obviously the plan is to pay as little tax as possible!
Cheers.
I will have access to my SIPP which I've been paying £240 a month in (topped up to £300 with tax relief) for about 20 years.
The pot is not as big as my other tax efficient savings that I have in Cash and S&S ISAs.
When I'm retired I won't have any income except for about £3k a year via non-tax efficient investments.
Am I right in thinking that I won't have to pay tax on the SIPP if I start taking lump sums out of it because I will be well within my personal allowance?
Say If I took £13k a year out?
So basically the plan is:
To wind down my SIPP before I get my state pension at 67 because that is classed as taxable income.
Then at 67 live off my state pension and my ISA savings.
Would that work?
Obviously the plan is to pay as little tax as possible!
Cheers.