Nutmeg require a minimum investment of £5,000. As I have less than £5,000 per annum income I am a bit confused about how much I can put into a pension. I know the government will only gross up a maximum of £2,880 per year but can I put more than this in and forgo the gross up?
Richard Allum, MD, The Paraplanners's Response
I hope you can help. I recently consolidated two modest pensions into a SIPP in readiness to start UPFLS drawdown in May (2018). Whilst I was hoping for growth in my investments I wasn’t expecting it to rocket and now find I could well be looking at exceeding the lifetime allowance, possibly even before my first annual drawdown in May, and I’m unsure what, if anything, I should do.
Richard Allum, MD of The Paraplanners's Response
Are there any specific pensions you would recommend, with low charges, which I can set up for my 11 yr old son. I am already paying the maximum into a junior isa.
Richard Allum, MD, Paraplanners 's Response
- Private Pension
- Junior ISA
I was considering applying for Individual protection 2016, which I understand would give me an LTA of £1,021,390.
However, following the Inflation rise of LTA, it seems the LTA is now at £1,030,000. It now seems pointless applying for Individual protection 2016.
Have I got this right?
Richard Allum, MD The Paraplanners's Response