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Old 04-12-2017, 13:13   #1461
Malcolm Tucker
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I just mean he's betting on a substantial market correction taking place. While I think we're slowly slipping into a downturn and Brexit will probably compound that, housing is one of the most resilient investments in the UK and will take something fundamental to upend it on the scale he is anticipating.
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Old 04-12-2017, 13:43   #1462
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How does the math work on this... he sold his house for 300k let's say. Then he had to settle the mortgage presumably. So how much does he have left after that, 200k, maybe less?

Let's say 200k. He puts that into his pension which tracks the FTSE.

5 years of rent = 50k, so now he needs the pension to have risen 25% + fees, just to have not lost anything.

He could cash the entire fund in but he'd have to pay tax on it which on a sum that large would be 40%.

Let's say it does rise 50% in 5 years. So his pension is now worth 300k. Which is the same as his house was already worth, and which he could have paid another 50k off the mortgage.

He cashes it in and gets 180k. What is he going to buy with that? Not a lot.

I don't think I would hire this man to do my accounting tbh.
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Old 04-12-2017, 13:45   #1463
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Pension avcs are tax free, and once you get to a certain age you can cash out without paying tax. For certain groups therefore it makes sense to pay into a pension rather than overpay your mortgage. It's what I do.
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Old 04-12-2017, 13:47   #1464
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Old 04-12-2017, 13:50   #1465
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Paying into a pension makes sense but doing it INSTEAD of having a mortgage... yeah it could make sense but I bet in this instance it doesn't.

I mean even if it pays off financially in the end, he's losing out right now by not getting the substantial benefit of living in his own house. Private renting is a ball ache.
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Old 04-12-2017, 18:36   #1466
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Been looking at SIPPs as a reasonable tax free way to get some money when I'm 55, no plans to ever have a mortgage in the UK but will definitely need some cash to live abroad when I stop working.

You can transfer in your existing pensions without penalty and the SIPP is better because you can at least get your hands on the money, rather than being forced to buy an annuity or some such bollocks.
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Old 04-12-2017, 18:47   #1467
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You don't have to buy annuities any more thanks to Osborne (the one good thing he did). I don't know if that applies to all types of pensions but I assumed it did.
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Old 04-12-2017, 19:06   #1468
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Quote:
Originally Posted by Enoch Powell View Post
You don't have to buy annuities any more thanks to Osborne (the one good thing he did). I don't know if that applies to all types of pensions but I assumed it did.
Ah, cool, seems you are right, so maybe I'll leave my existing pensions where they are then!
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Old 04-12-2017, 19:10   #1469
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I mean I assume you'll get clobbered for tax if you just withdrew it so please don't take my advice alone
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Old 04-12-2017, 19:11   #1470
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Same as a SIPP... you can take out 25% tax free each year.
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