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It looks like people giving advice/suggestions on a not very clear post (not clear to me anyway)
Thanks for the reply, I’m not 100% sure it’s frozen but it hasn’t made a penny in 3 years, I am assuming I can drawdown on it and pay the tax on it, if I opt to do that will the fact I will get 50k , will that take me over the higher tax bracket and mean I have to higher rate tax?
"Can anybody suggest a tax efficient way to get this 62k working for me?"
I'm not a pension or financial advisor, but could you transfer it into a SIPP and decide where the money's invested?
GB
''yet you support the issuing of more.''
pathetic GB
most normal people would be happy for employees to be able to save money to purchase shares in the business of their workplace giving a possibility to make a bit of profit to supplement their salary.
Also paying some salary in shares instead of cash is similar to some companies operating DRIP schemes for shareholders
Gazza
Its called Valuing hard working Staff ;-)
If you have already taken your 25%, you presumably have started drawdown with the rest ? If you’re putting 40% into your work pension now, you will only get tax relief up to £10,000 of your contributions.
Why would your pension be frozen ?
We just needed to pay TATA £500 million to stick around in the UK.
Plumbers do very well far in excess of £24k a year.
Darth/Mach, from his SNP bolt hole, appears to be completely out of touch with reality.
Gate13Boy
I agree most profitable FTSE100 companies Block list shares for staff share saves and Management bonuses its not Lloyds Banking Group thing
Why are posters so vocal on here about it
This chat board attracts some strange people IMHO
BLB
Always helps a bit when investing in the likes of Apple,Amazon,Bats and cls at the right time, in addition to recognising past arbitrage opportunities.
keep counting your pennies
Hardup
I agree Baggs was not clear , we need some clarification
For the experts to help out on here ( Not me BTW )
Funny enough my wife got 3 Scottish Widows pensions ( smallish ones )
I am sorting out for her as she is 55 next February, so I be also an interested reader
BLB 13:45 post Fantastic . I'm gonna by the first round at the 4 o'clock club
Baggs
Is that 62k the value of the 25% tax free lump sum you have cashed in?
Hello,
I’m looking for some advice, I know there are lots of savvy people on here.
I have a pension that through a divorce I drew my 25%.
So the pension is frozen I believe and not making any money but I still get charged fees for managing it.
It’s currently worth 62k and it’s with Scottish Widows.I am currently below the higher rate tax band and put 40% of my works salary into my current works pension"
Can anybody suggest a tax efficient way to get this 62k working for me?
Any help would be very much appreciated.
Baggs
Fleccy,
If you look around other companies on LSE, these block listings are quite prevalent on RNSs. They are going to happen anyway irrespective of buybacks. This point keeps having to be reiterated to those who object to buybacks. If there are no buybacks, your holding will be diluted by new issues of shares for staff. It’s a small fraction again this year of the buyback amount of shares. I guess if one really objects to the issue of shares to staff, the thing to do is bring the matter up at AGMs. I personally don’t have a problem with it as the bank staff’s average salary is not that great. I’m a firm believer in staff having a stake in their company. It is in effect a form of profit related pay.
The latest new business statistics from 2023 show that 1.31 million new business applications were filed in the first quarter. This marks a 3.69% annual decrease from the same period in 2022.
Only 2 in 5 startups are profitable, and other startups will either break even (1 in 3) or continue to lose money (1 in 3).
Existing Zombies will be falling over each other to file for bankruptcy..
DYOR
LTI , Zombies still to go bust, not 50 but thousands of them.....
DYOR
Dt
100 minus 50 = 50
LTI "there will have been hundreds of thousands of start up businesses in 2023"
Yes lots and lots will fail...
DYOR
Dt
''Corporate insolvencies ''
there will have been hundreds of thousands of start up businesses in 2023
LTI, Yes, definitely AI....
DYOR
Dt
''I recall''
Have you ever considered that you may have a recollection problem.
DT
08 Sep 2020 19:47
DOW not looking good.
09 Sep 2020 01:33
"will Lloyds exist then?"
No.
29 Sep 2020 23:57
I think we will see negative interest rates this side of xmas, Dec at the latest
Window Dressing done...
DYOR
In England and Wales going bust in August rises by a fifth..
The number of companies going bust jumped by almost a fifth in August compared with a year earlier as the toll of high interest rates and falling sales hit struggling businesses.
The Insolvency Service said 2,308 firms in England and Wales collapsed in August, which was 19% more than in August 2022 and higher than pre-pandemic levels.
Construction companies, retailers and manufacturing firms headed the list of sectors most affected by firms becoming insolvent.
The retailer Wilko, which went into administration on 10 August and has subsequently collapsed with the loss of 12,500 jobs and 400 stores, is expected to signal further company insolvencies in the remainder of the year.
Corporate insolvencies increased by 71% from August 2021’s total of 1,347 and by 69% compared with pre-pandemic levels in August 2019 (1,365), said the industry body R3.
READ MORE:
https://www.msn.com/en-gb/money/news/number-of-firms-in-england-and-wales-going-bust-in-august-rises-by-a-fifth/ar-AA1gLug9?ocid=msedgntp&cvid=519f26075cb04c43a039455334ac8dc1&ei=8
DYOR