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by Pete Matthew
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- 6 days ago39 min
QA49 - Listener Questions, Episode 49
In this episode of the Meaningful Money Podcast Q&A, Pete Matthew and Roger Weeks answer six real listener questions on UK personal finance - from inheriting a SIPP (and the under-75 vs over-75 rules), to how inheritance tax could hit a property-heavy estate. They also discuss what to do with a large Employee Stock Purchase Plan (ESPP) holding, whether a longer 35-year mortgage can be a safer option, and the realities of financial planning for UK expats. Finally, they tackle a growing concern for many UK investors - how to protect wealth from increasingly sophisticated scams and impersonation fraud. Shownotes: https://meaningfulmoney.tv/QA49 02:04 Question 1 Hello Pete & Rog. Thanks for the wonderful podcast I will keep it as brief as possible as it means hopefully you can squeeze more content for your listeners. I am a 35 yr old renting in London with a salary of approximately 35k and would consider buying my own place if I could build up enough of a deposit. My mum died a long time ago but my dad has just been informed that he has a medical condition which will probably end his life in the next 5 years or so. He is currently 73. I don't have any siblings and my dad has shared with me the details of his assets which primarily comprise of a SIPP of around 200k (he has taken and spent his 25% tax free amount). My question may sound a bit morbid but it reflects the reality of life unfortunately. It's about the rules of inheriting this SIPP. I'm not sure I fully understand the 'rules' about if my dad passes away before 75 or after he is 75. My understanding is that if less than 75 I can just 'cash in' the 200k tax-free and for example use it as a deposit for a house. That seems straightforward. But hopefully he will get well past his 75th, so if that's the case I understand the 200k would be taxed as income, so I would be crazy to take it all out in that way. So what would be my options in that case? - Is there any way to take it out of the pension wrapper without having to pay tax to give a bit more flexibility? - could I just inherit it as a pension and if so, would I still be able to take 25% tax free? - can I draw down from before I reach pension age e.g. to pay the mortgage or rent (mindful not to go up into the next tax bracket)? Have I got the rules right and are there any other options I could consider? Regards, Steve 07:08 Question 2 Hi Pete & Roger Love the content and just discovered your YouTube podcast! I'm concerned about my wife parents (Mid 70s) inheritance tax liability and was wondering if you had any advice on how to structure the portfolio to reduce it or if it was worth considering a gifting strategy. Primarily I'm concerned as the recent inclusion of pensions into IHT from 2027 and I'm pretty sure their estate is over 2m and therefore a reduced residence nil rate. Rough figures are below: Current house - 1.1m (according to Rightmove - jointly owned) Own another house 800k (according to Rightmove - jointly owned) Own a holiday letting business (retirement business) which has three properties circa 1.1m (according to Rightmove - jointly owned) With this in mind I put their IHT liability at 2m+ without factoring their pensions Questions What do you consider the ball park IHT bill to be? How do you suggest my wife (mid 30s) approach this issue? Or should she just deal with the cards as they lie in the future? Tony 14:05 Question 3 Hi Pete & Roger, I wanted to start with a thank you for your podcast - specially for acting as the friendly, inclusive and relatable voices of finance. The podcast is a welcome change to the scarier world of finance which many of us sometimes run and hide from! My question for you is regarding my ESPP. I was employed by a US-based company around 10 years ago. During my time there I was able to sacrifice a percentage of my salary which was put towards the purchase of company shares at a discounted rate. It's a very effective scheme, and although my salary there was modest, I've been able to leave the shares alone which are now worth around £230k. The predicament I now have is what to do with these shares. I've been happy to let the shares sit and grow, which they have been doing extremely well, though the value of them now has me wondering what my future strategy should be. For reference, the 10 year growth on these shares is around 850%. As far as I'm aware, I'll need to pay tax on these shares when it comes to selling them as there's no way to transfer them into my stocks & shares ISA or similar. So it's either leave them where they are, or sell some/all of them now and transfer the cash (after tax) into my stocks & shares ISA, SIPP or elsewhe
- 1 weeks ago32 min
QA48 - Listener Questions, Episode 48
It's another Q&A show where Roger and Pete answer YOUR questions about such mighty subjects as bridging the gap from retirement to state pension, CGT for non-taxpayers and much more besides! Shownotes: https://meaningfulmoney.tv/QA48 02:18 Question 1 Hello Pete and Roger, wonderful podcast and I'll try and acceed to your short question desire. And I'll try not to use the word should. I am 52 and my wife and I would like to retire at 60. I have a DB pension that should pay me £20k per year from 65. I would like to live off £50k per year and currently have £220k in a DC pension. That will hopefully get to £500k by age of 60. Equally I am hoping to have £100k in a S&S ISA and hoping to have the first year of retirement spending in cash. My question is around my bridging requirements before my DB pension and state pensions kick in (my wife is 46). Am I better off pulling 25% of DC tax free at the age of 60 and putting that into ISA's or is it better to just pull pension money per year with and ongoing 25% tax free Allowance and using the smaller ISA amount to minimise tax. Just interested in your thoughts :-) Thanks and please keep up the great work. Kind regards, Adrian 06:38 Question 2 Hi Pete & Roger A few months ago a friend recommended your podcast and I've been devouring it ever since! Having worked in Compensation & Benefits for the past 15 years, and spending much of my time these days in the design and operation of pension plans, I thought I had a pretty good grasp on such things. But I've already learned a few tips and tricks to help as I plan my retirement, so huge thanks to you both! My question for you is about CGT liabilities when one is a non-tax payer. My son is in the fortunate position of having a healthy savings pot in a GIA, thanks to gifts/inheritances from grandparents over the years, which each year he sweeps into his LISA and stocks and shares ISA up to the £20k limit. The return has been really good this year and he is likely to realise a gain in excess of the £3k limit next April when doing the sweep. As he is still at university and only earning a few pounds here and there as a freelance musician, his earnings are well below the Personal Allowance. My Googling suggests that he would therefore not have to pay any CGT if the gain was above £3k next April. Is that correct? Many thanks in advance and keep up the good work! Kind regards, Marion 10:03 Question 3 Hi Pete and Roger, I am 56 and have been paying closer attention to my Pensions for the last 12 months. This is with a view to making an informed decision about my retirement plans at 60. Pete's videos and the podcast have been a great help. I am aiming for the Retirement Living Standards 'comfortable' figure for a single person because a) why not?, b) I am pretty sure I will be able to afford it, and c) I have estimated my needs and that more than covers it. I have a spreadsheet which models everything for me. I have 2 questions. A quarter of my pension will come from a DB which starts at 65. A quarter from the state from 67. The rest from my DC pot which I expect to be at least £600,000 by 60. The bridge from 60-65 comes from other assets. Any thoughts on the equity/bond split for my DC pot given that 50% of my pension is secure? 60:40 feels too bond heavy to me, I was thinking 80:20. And, following your 'not advice' I have modelled what I know now, inflation at 3.6%. I experimented by dropping inflation by 1.0%. I was amazed to see that at 3.6% my pot runs down but not out at age 100. At 2.6% it keeps accumulating and never turns down. I have used 8.25% for growth but made no allowance for tax free cash, UFPLS etc. It just shows the pernicious impact of inflation. Does that feel about right to you. Thanks, Mike 18:31 Question 4 Hi Chaps A thought just occurred to me and I wondered whether you've covered this already.... Will v Pension Expression of Wishes - which one wins in that battle if there's a conflict (from April 2027)? I've just noticed that my wife's EOW for her pension is different to that in her will, and would therefore be a problem from April 2027? Cheers, John 21:34 Question 5 Hi Gentlemen (Pension Gurus) My 18 year old children are setting out in the wonderful world of work and (with my "encouragement") are squirrelling away 10-12.5% of their salary into pensions (with their employers contributing 4 and 12.5% respectively). So one ok and one really good. Q: Their workplace pensions are with Aviva and L&G respectively and at the moment they are in the "default" scheme. As default pensions are a "one size fits all" I don't think that it's necessarily the best for my ch
- 2 weeks ago42 min
QA47 - Listener Questions, Episode 47
Time for another Q&A episode where Roger & Pete answer questions on retirement planning, passing assets to children. SIPP vs ISA and much more! Shownotes: https://meaningfulmoney.tv/QA47 01:42 Question 1 Hi Pete, Roger, and Nick, Thank you for the podcast - I've been listening for a while but fell behind and just binged about 15 Q&A episodes over the last fortnight! There's nothing like listening to the podcast to get me fired up about my finances! I have a question about the upcoming change to minimum retirement age, and a question about how to use my SIPP versus S&S ISA post-55/57. I was born in February 1972 and so by my reckoning should be ok to access my SIPP at 55. However, I heard somewhere that access could be removed at the date the law changes, because I wouldn't be 57 by that date. Can you shed any light please? It doesn't make sense to me to grant access then take it away. The reason I'm asking is because I'm thinking that in the next year I should favour putting money into my SIPP for the tax relief instead of into my S&S ISA, since I can access it within a short time anyway if I really needed to. Once I'm 55, does it still make sense to put money in the ISA at all, given the SIPP will continue to have tax relief so long as I'm working? All the best and looking forward to the videos coming out! Chris 07:04 Question 2 Hi Pete & Rodger, My wife & I are both aged 55 & I plan to retire aged 60 possibly a little earlier my wife isn't sure exactly when she will stop at the moment. I currently have a work place Scottish Widows default pension lifestyle turned off £225,000 I pay in 31%, company pays in 4%, salary sacrifice I then occasionally move funds to my 100% equities SIPP low cost global index fund £442000. My wife has a small DB pension and 45,000 in a SIPP again all in equities. My plan is to retire at 60ish on the SW pension to bridge the gap to state pension age 67. Leaving the SIPPS invested in equities both in low cost global index funds. Possibly adding some bonds a few years out from state pension age. Currently 20k emergency fund cash isa and my liquid assets whisky collection. Do you feel I could improve my plan or is it reasonably sound? Kind regards, Lee. 12:48 Question 3 Hi Pete & Roger, I have a deferred DB pension which in 2018 (when it closed) I was told my annual pension at age 62 would be £18270. The pension is capped at CPI or 2.5% annually, whichever is lower. As such it is getting deflated by high inflation. As of today it's £21840. (With CPI it would be £23830 or even £26050 with RPI). I have a decent DC scheme to top it up but what can I do mitigate this decline with transfer out values currently quite low? Thanks for your advice. Richard 18:08 Question 4 Hello Pete and Roger, Firstly, thank you for your brilliant podcast - it really is absolutely fantastic. Since discovering it early in 2024, I've listened to almost every show! I love the way you both make complicated concepts easy to understand and often have me chuckling along at the same time! I have a question to you both about inheritance tax and a potential way to reduce, or even eliminate, its effects. I don't believe you have covered this particular strategy, so I'm very interested to hear your thoughts. Here's what I am thinking. My wife and I are both 43 and have two lovely children aged 7 and 9. We both work full-time in well-paid jobs and save a good amount into our pensions and ISAs, whilst also ensuring we 'live for today' by going on regular holidays and spending as much time as possible with the children (whilst they still like spending time with us!). Our rough combined financial position is as follows: - £1m in company DC pensions, contributing at a rate of about £85k gross per year - £350k in stocks & shares ISAs, contributing at a rate of £40k per year - For each child – £40k in Junior SIPP contributing at a rate of £3600 gross per year, and £10k in Junior ISA with no significant annual contributions - A house that is worth about £700k with £400k still to pay on the mortgage (remaining term 15 years) I am aware that it's very early to think about inheritance tax, and I know that rules in the future will very likely change. However, it's very conceivable to me that our children will incur a very significant IHT bill when we both shuffle off (to use Pete's phrase!). My "solution" to this is as follows. When our children reach the age of 18, rather than paying £40k per year in our ISAs, we will pay it directly into their ISAs. We will fund this either through earnings (I still love my job and envisage working well into my 60s), and/or from one or both of our pensions. When we are r
- 3 weeks ago45 min
QA46 - Listener Questions, Episode 46
In this Meaningful Money Q&A episode (QA46), Pete Matthew and Roger Weeks answer six listener questions on the financial decisions many UK households are wrestling with right now. We cover bridging the gap to the State Pension with fixed-term annuities, strategies for staying under £100,000 adjusted net income (and avoiding the 60% tax trap), and how LGPS "CARE" pensions work including whether salary sacrifice can reduce student loan repayments. There's also practical guidance for self-employed listeners facing a tough year and needing to cut costs, plus how to think about funding private school fees without derailing long-term plans. Finally, we discuss how to decide whether to take the maximum tax-free lump sum from a defined benefit pension, including the trade-offs and how to model the impact. Shownotes: https://meaningfulmoney.tv/QA46 02:18 Question 1 Hi Pete & Roger, I am a long-time fan of your podcasts, and I often sneak off during the day for some peaceful R&R and listen to your latest release or even go back on old shows. My wife and I are in the fortunate position that we have both retired but still have a number of years before the state pension will commence (6 years / 2 years). Our long-term plan was to build up our private pensions so that we would have a comfortable retirement but also be able to leave our two children a reasonable inheritance which has meant we have been reluctant to dip into our DC pensions too early. With the proposed changes to IHT bringing in the unused pension pots on 2nd death into the estate and on current projection we have in excess of £1m in DC pensions which unfortunately are heavily weighted in my favour to 80/20 and we both have a DB scheme each (circa 5K) which have been activated. My questions relate to fixed term annuity. To bridge the gap between retirement and receiving the state pension for my wife circa 6 years, I was considering looking at one of these to cover sufficient income to take her up to the personal tax allowance limit bearing in mind the annual DB income. My dilemma is where or how best to fund this. Can we or do we use our personal savings? Do we use my wife's DC pension in part? Can I use my own DC pension, but any withdrawal would be subject to 20% tax rate so not a preference even if allowed? As part of my look into these fixed term annuities, there also seems to be an option to have guaranteed cash return at the end of term. Is there any sense in considering this as it would require a bigger investment or withdrawal? Would this cash also be tax free or would it be income and added to your existing income stream? It would seem to me that if I wanted to reduce the pension pot differential but ensuring the tax payable was only 20%, then I could either max my withdrawal requirement annually or consider the annuity route but this could be complicated with my state pension commencing 2027? Should I be hung up on the pension pot differential values between us and does the IHT rule of the couple's tax-free limit being £650,000 nil rate ignore where the money originates. This pension pot differential must be quite common, do you have any other comment or suggestions that would be helpful. I, like many of your listeners enjoy your banter and how you impart knowledge to the wider audience for their better good – a big thank you for this. Best Regards Brett. Meaningful Academy Retirement Planning 11:04 Question 2 Hi Pete & Roger, I'm a big fan of the podcast — thanks for all the clear and practical advice you share each week. My base salary is about £76k, but with shift allowance and a car allowance my total package is closer to £90k. On top of that, I can earn overtime (which is unpredictable) and I also get a discretionary bonus of up to 20% of base salary. The challenge is that we don't find out the actual bonus figure until the end of March, but if we want to waive it into pension we have to decide in advance — so it's guesswork. Without any planning, the bonus can push my adjusted net income over £100k, which means I start to lose my personal allowance and fall into the so‑called "60% tax trap" between £100k and £125k. At the moment, I already have several salary sacrifices in place: – Pension, Holiday purchase, Share Incentive Plan (SIP). I'm now considering adding an electric vehicle through salary sacrifice, which would reduce my taxable pay by about £10.5k a year. That would keep my adjusted net income below £100k, but it obviously reduces my monthly take‑home. I'm 29, so I don't mind putting a bit extra into my pension for the long term, but I don't want to over‑commit too early and lose too much cash flow no
- Apr 15, 202644 min
QA45 - Listener Questions, Episode 45
In this episode of the MeaningfulMoney Q&A, Pete and Roger answer six listener questions covering a wide range of personal finance topics. We tackle a tricky inheritance tax situation involving a property bought in children's names, look at pension and ISA options for a daughter likely to spend her career working outside the UK, and offer some perspective on balancing financial sensibility with life's genuine passions. We also cover whether a minimal LISA contribution strategy actually works, how to manage the transition from 100% equities to a retirement asset allocation in the years before you stop work, and what income protection options exist for a young professional wanting to guard against long-term illness or injury. Shownotes: https://meaningfulmoney.tv/QA45 02:20 Question 1 Hello Peter and Roger (without a D) I am so pleased I discovered your podcast a few months ago, since then your words of wisdom accompany me on my daily dog walks and I have become the annoying older colleague in the office telling the younger colleagues about the power of compounding and contributing to the pension scheme. I have a rather unusual query I would really appreciate your view on and maybe the potential pitfalls we are experiencing would be of interest to other listeners as I have read lots of questions on-line about potential benefits of putting property in children's names. My parents retired to Spain 25 years ago, they cash-purchased a UK flat for when they come back 10 years ago. In a bid to avoid inheritance tax they bought this in mine and 3 siblings names (all in our late 40/early 50s). They did not seek professional advice, just assuming it was the right thing to do, which could be the morale of the story. Sadly my Dad recently died and as executor of his will I have been looking into the UK assets. I realise now that this cunning plan does not work, as they regularly stay in the flat without paying rent. Therefore, it is classed as gift with reserved benefits and still included in the estate. However this is not an issue as they are well below the IHT threshold. The question I have relates to the future financial position that I think they have inadvertently created. My mum wants to sell up in Spain buy a house in the UK and then either rent the flat for some more income or potential sell it. But how does this work if the property is in our names? Can she legitimately take rent (with our permission) without it having income tax implications on us (I am higher rate so do not want this!). If she wants to sell it I assume it will be sales to us siblings so we will pay capital gains (but what rate? we are a mix of tax brackets and one of my sisters doesn't own another house.) She says she might be best just transferring into her name, but I don't think it will be that easy and we will still be liable for capital gains as it will effectively be a sale to her. Is there something we have missed here and is it something we should be concerned about? Or is it OK to leave as is and let her keep to draw down income. Could it be the right thing to do and having the property in our names be simpler to resolve when she dies? I am hoping your soothing Yorkshire/Cornish tones can reassure me all will be OK. Vicky a faithful listener. 11:24 Question 2 Hi Pete and Rog I only discovered the podcast fairly recently, but have been following your web-based lessons on Meaningful Money for a while (and have read the books). I am really loving the podcast - so many back episodes to listen to! Super-informative, and your dulcet tones are also very soothing! My question is to do with advice for an adult child who is likely to spend her career working outside the UK. My husband and I are both late 50s and technically have reached FIRE (years of finance-nerdery despite relatively low incomes) but I am still doing consultancy because I quite enjoy it. Our older three children are all getting established in their careers, and I've brainwashed/ educated them in the ways of financial sensibleness, so they're all set up with emergency funds/S&S ISAs/employer pensions/SIPPS. Our youngest daughter is studying at university in Poland (the kids and I all have dual Polish/UK citizenship, as my mum was Polish). This means my daughter can work anywhere in the EU, and although she will always have strong ties to the UK, it's looking as if she is more likely to work outside the UK once she graduates in summer 2026. This opens up a whole new world of options in terms of setting her on a path to financial security, and there's quite a lot of conflicting information - I would really appreciate some input on what are likely to be the best options for someone in this situation. At the moment she's 'ordinarily resident' in the UK, on the electoral roll etc., but d
- Apr 8, 202633 min
Planning for Pensions and IHT
From April 2027, many unused pension funds are set to be brought into the IHT net, changing how pensions work for legacy planning. Pete and Roger explain what's changing, what still remains exempt, where "double tax" can arise, and the practical steps to consider now — without rushing into knee-jerk decisions. 01:55 KNOW - Pensions no longer outside of estate 09:49 KNOW - Some important exemptions still remain 10:32 KNOW - In some cases there could be TWO taxes 14:15 KNOW - The administration will also change 16:58 KNOW Summary 17:15 DO - Rethink the old "leave the pension last" strategy 22:40 DO - Review who your beneficiaries actually are 24:56 DO - Consider using surplus pension income while you're alive 26:35 DO - Don't rush into drastic decisions 30:39 Podcast Review Shownotes: https://meaningfulmoney.tv/session616
- Apr 1, 202639 min
QA44 - Listener Questions, Episode 44
In this Meaningful Money Q&A episode, Pete Matthew and Roger Weeks answer six listener questions on UK personal finance, pensions and investing. We cover inheritance tax (IHT) and who actually pays it, a defined benefit pension "state pension deduction" before State Pension age, and whether salary sacrifice affects higher-rate tax relief. We also discuss whether global tracker funds are too concentrated in the US, how offshore investment bonds compare to a general investment account (GIA), and how IHT taper relief works for gifts and the nil-rate band. Shownotes: https://meaningfulmoney.tv/QA44 03:40 Question 1 Hi Pete and Roger, I have been really enjoying your podcast and have learned so much about finance, tax and investments that I did not know before. I enjoyed your episode on inheritance tax. I have a question regarding inheritance tax and what happens if beneficiaries are unable to afford to pay it. My parents are wealthy with three properties (mortgages all paid off) and a large private pension, my parents also had a limited company which they used to maximise their earnings by minimising tax. However, me and my brother are average in the financial sense, where we have "normal salaried jobs", as my father would say. We earn far less than him and hence have much less assets. I own a house but have most of the mortgage left to pay because I only bought it last year. I am also single and live alone on my single income. My brother rents a flat and spends most of what he earns and has no concept of saving/future plans or investments, he does not even have a pension. I am under the assumption that the IHT has to paid first before the inherence is released, rather than IHT simply being deducted from the actual inherence itself before distribution? When I look at the total of my parents assets, me and my brother have no where near enough money to be able to pay it, due to the large gap in wealth between us and my parents. I tried to discuss this with them a few times but was fobbed off. They don't have any plan in place, all they have is life insurance to cover each other should one party die, and a simple one page will including just each other and us, no extended family. My brother and mum have no clue about money, and my dad who is in charge of the finances has multiple health problems of late. I am anxious of the day when I will be asked to pay tons of IHT which I might not be able to able to afford, especially because I am single and have my own bills and mortgage, I can't afford another loan. Is there a way to get around this or reduce the burden? If I cannot afford to pay the tax, can I simple "run away" from the situation and decline being a beneficiary, hence shoving the responsibility of IHT onto other family members? I don't really understand the process of probate, and whether my parents life insurance would pay it, but it seems to be that it pays out to the spouse should the other die, so I assume this would be added to the total assets and hence increase the tax burden should the other die? My parents don't seem to be bothered and are reluctant to discuss this so I am unsure what to do. How do "average/mediocre" kids like me and my brother usually deal with the tax from being born into a wealthy family? Sorry if this is a silly question, but I would appreciate any words of financial wisdom. Many thanks, Lava 13:08 Question 2 Hi Pete and Roger, I hope this message finds you well. As an avid listener of your podcast for the past couple of years, I want to express my gratitude for the way you break down financial and pension topics that can often seem overwhelming. Your insights have been invaluable to me. I wanted to share a personal experience and seek your views on it. After dedicating 42 years working at M&S, I am now approaching 60 and preparing to take my pension later this year. While I am proud of my long service, I've encountered an unexpected surprise in my pension arrangement. I have a Defined Benefit (DB) pension valued at around £9,000. Per year. However, upon receiving my pension quotation, I discovered that the scheme is structured to pay me this amount only until I reach 65 years of age, after which it reduces by approximately £2,200, a 24% reduction. This reduction is based on the assumption that the State Pension will compensate for the difference. However, with the State Pension age being pushed back, I will experience a reduction in my income before the State Pension begins when I turn 67. This situation feels particularly unfair, especially given that at M&S, there are a significant number of women who are lower-paid workers. The unfairness is further accentuated by the fact that the reduction is a fixed sum, irrespective of one's earnings. This fixed sum reduction impacts lower-p
- Mar 25, 202632 min
QA43 - Listener Questions, Episode 43
If you're a UK beginner and you're not sure where to start investing in 2026, Pete and Roger talk you through a calm, step-by-step investing order to follow. They cover when to build a buffer, tackle expensive debt and use employer pension matching, plus how to choose between a Stocks and Shares ISA and a pension. You'll also hear the key beginner mistakes to avoid so you can invest with confidence and stay the course. Shownotes: https://meaningfulmoney.tv/QA43 02:00 Question 1 Hi Pete and Roger I'm late to investing but thanks to your informative and entertaining podcasts and books - I feel on track to at least a decent retirement. I'm on a £60K salary and currently manage to contribute around £25K annually via salary sacrifice - which keeps me happily and comfortably within the 20% Income Tax bracket. However, with the Salary Sacrifice Cap coming in April 2029, I will end up in the higher-rate tax bracket. I was thinking about using my employer's Car Benefit Salary Sacrifice Scheme to help bring down my taxable income – whilst still maintaining the maximum salary sacrifice and utilising Relief at Source my AVC. I'm fully aware of the saying "don't let the tax tail wag the investment dog" but I was planning on getting a car in 2029 – when my mortgage is completed – so this might be a good alignment. My question's are: Can you confirm whether the Salary Sacrifice Cap applies to pensions only — and does using the car salary sacrifice scheme seem like a sensible idea in this context? Is there anyway that paying into my AVC via Relief at Source and claiming the higher-rate relief via Self-Assessment would result in HMRC issuing me a new tax code for the following tax year. Keep up the good work – and all the best to you and your families for the festive season. Thanks, Cris 06:43 Question 2 Hi, I recently came across your podcast and have not stopped listening to all the older episodes, and look forward to the new ones each week. Keep up the great work! I'm a 53 year old business owner looking to exit my business within the next 3 years via a sale and hope to receive around £1.5 - £1.8m from my share of the proceeds after tax. My wife is 8 yrs younger than me and will probably still be working doing some consultancy work. She has her own pension and savings in ISA's (currently a combined pot of around £250k which will hopefully grow over the next 10+ years) but we wouldn't need to access that till much later as required. My 2 questions are: 1. What would be the best way to invest the lump sum from the sale of my business to provide an income to support my retirement without having to necessarily eat into the capital or touch too much of my savings / pension early on as it will need to provide for my wife and I for quite a few years if we retire / semi retire in our mid 50's. Having looked at our living costs we would need around £60k p.a - albeit to live comfortably. Any holidays / large purchases etc could be funded through savings. 2. How would you prioritise what pot of funds you use first to make it the most tax efficient, enable growth and ensure that the pots do not run out. Given the new IHT rules on pensions is it now wise to use those first including the 25% tax free lump sum or use the ISA's / savings first leaving the pensions to continue growing in their tax wrapper. Thanks, Jeremy Meaningful Academy Retirement Planning: https://meaningfulacademy.com/retirementplanning 14:53 Question 3 Hello Peter and Roger You answered a previous question for me on the podcast so thank you for that, and I hope you don't mind me asking another one! We're in the very fortunate position of being able to pay the full £60,000 annual allowance into my pension scheme this tax year and are considering making additional contributions using unused allowance from previous years. I understand that the total contribution we could make would still be limited by my annual salary this tax year - my question relates to how that is defined. The contributions are made using a combination of salary sacrifice into my work scheme and lump sum contributions to my SIPP which is separate from the work scheme. So, would my "salary" that would be the limit for total contributions be the salary before salary sacrifice or after? And is the "salary" further reduced by the contributions to the SIPP, as I believe my adjusted net income for calculating tax bands is? Perhaps some hypothetical numbers would help. Let's say my gross salary before salary sacrifice is £125,000 and I salary sacrifice £25,000, and my employers' contribution is £5,000. Let's say I also pay £24,000 by bank transfer into my SIPP
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About The Meaningful Money Personal Finance Podcast
Pete Matthew discusses and explains all aspects of your personal finances in simple, everyday language. Personal finance, investing, insurance, pensions and getting financial advice can all seem daunting, but with the right knowledge and easy-to-follow action steps, Pete will help you to get your money matters in order.Each show is in two segments: Firstly, everything you need to KNOW, and secondly, everything you need to DO to move forward on the subject of that episode.This podcast will appeal to listeners of MoneyBox Live, Wake Up To Money, Listen to Lucy, Which? Money and The Property Podcast.To leave feedback or ask a question, go to http://meaningfulmoney.tv/askpeteArchived episodes can be found at http://meaningfulmoney.tv/mmpodcast
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What topics does The Meaningful Money Personal Finance Podcast cover?
The Meaningful Money Personal Finance Podcast covers topics including Education, Business, Investing. Our AI identifies the specific themes in each episode and highlights what matters most to you.
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