Learner;307622 wrote:SSJ;307617 wrote:Learner;307602 wrote:So deplete all the SIPP and cough up the tax? Lordy.
I don't think anyone was suggesting that you cough up the tax!
Anyway, depleting without paying tax doesn't sound like an option for you anymore, so it's not easy to judge without knowing what your "
other monies" are - in an ISA or any other tax shelter?BTW, it sounds like there wouldn't be a summer budget because the OBR take their time and Labour wouldn't dare proceed without the OBR to hide behind. Whether that would prevent early, standalone changes to pension regulations, I don't know.
All other money is ISA or NS&I IL certificates.
If you are depleting the ISA capital then there's a case for phased crystallisation of the SIPP to pay out just the TFLS to live off instead (and maybe add to ISAs). If you're unhappy with the political risks then you could take the full TFLS and use low-coupon Gilts and/or Premium Bonds to minimise the tax while you stuff your ISA.
If you're able to live off ISA dividends/TR and IHT is a concern and you're likely to die before 75 then there's a case to leave the SIPP untouched. I guess there are political risks with that too.
There are a number of threads on the subject of TFLS / SIPP / ISA trade-offs and it always comes down to personal context and outlook. You may well not want to spell out your income, outgoings, beneficiaries, marital status etc, but you might find your circumstances are covered in some of those posts.