Member Info for Redirons

Good posts from DJF, Mark, Blanty and now Hydro this morning as well as Paddy’s - thanks Team!!!

Spot on Paddy, as always - thanks. I admit to finding it hard to fathom why our SP has bombed this year and I suppose the nervousness is around how low it might go before the irrefutable happens and II’s start to pile in and lots of interest is generated in this once in a lifetime find. I will be here till the end as it is intended as a legacy for my loved ones but wow this has been a tougher year than I expected!!!

Great summary Floater and I agree - the cake is big enough to share without anyone needing to get greedy. Shaun appointed a very experienced set of people, so GGP will be quite able to hold their own over a Board table. VGLA - hope the stranglehold on juniors relaxes soon!!!

Nice one DH - worth a giggle!!

Good luck Macmac - try taking 25% only from your SIPP without having to take the other 75% as a taxable amount - I early retired this year - have you?

Nicely put DJF!!

Hi Gimme - so you are confirming everything I am saying about how accessing monies from your pension fund are treated for tax. If however your pension pot had been higher then you would have paid some income tax on the income over the nil rate band (£12,500 per annum currently)

PS Guys I should have mentioned that none of my comments should be taken as advice and that I was basing all of my comments of monies held in a SIPP (Money Purchase Scheme). Nothing I commented on related to Company Pension Schemes or Final Salary Schemes. Independent Financial Advice should be sought where needed. Good luck all.

Guys - you cannot access 25% of your fund for tax free cash without having to be subject to income tax on the other 75%. In Gimme’s example you could draw £16,666.67 and be paid 25% tax free (£4,166.67). Then the remaining 75% (£12,500) is taxable but as the 0% tax band allows for the first £12,500 to be paid tax free, no tax would be deducted. However, in Gimme’s example you cannot draw down £25k as tax free cash from the £100k fund and then look to draw down £12,500 p.a. for the next 6 years to avoid paying tax on the 75% (£75k) left in the fund. If you want tax free cash of a certain amount, you have to have the other 75% accountable to income tax. If you only need £16,666.67 per annum income, then happy days as you shouldn’t pay tax on any of it. But if you wanted a decent up front amount of say £25k as tax free cash from your £100k fund then the remaining £75k becomes taxable at the point you ask for the £25k tax free cash. The pension side of it is quite complex but you can minimise the tax you pay through withdrawing smaller amounts - it just depends what you need, what you want and what size your fund grows to courtesy of the terrific performance of GGP. Personally I hope I pay a stack in tax, as it means I am withdrawing fabulous amounts!!! VGLA Greatlanders

Sorry Sani - not that simple with the pension part - you can’t just draw off the 25% tax free element without taking the other 75% as an income. So if you wanted £25k cash, you would have to draw £100k to get your £25k tax free element but then £75k would be treated as taxable income and the tax bands would be worked through until some of it was taxed at the higher rate after exhausting the basic rate. Speedy could add to it tax free from his iSA as you say, but the main tax efficiencies of a pension are on entry (£100k invested in an ISA costs £100k but for a pension for a HRT only costs £60k due to 40% tax relief) but on exit the ISA is much more tax efficient with no taxes to pay whatsoever. I’m off for a lie down now after all this!!!

PS Should have mentioned all investment growth whilst the contributions remain in the pension, grow tax free as well. Then when you do start to draw an income the first 25% up to just over £1m is paid out tax free. The remaining 75% is taxable but a HRT might retire as a Basic Rate Taxpayer so will only pay basic rate tax not higher rate depending on how much is drawn down for income.

To answer your question Speedy - the reason people invest in pensions is because of tax relief on contributions up to the highest rate (so for an HRT investing £100k only costs £60k as HMRC pay the extra 40%). Also if investing in a pension sponsored by an employer then the employers contribution is all bunce on top as well. Admittedly when drawing the pension it becomes taxable as income but until then remains in a tax free environment. Over time with an employer matching their employees contributions £ for £ you could see a £200k pension fund only costing the individual £60k (as the employer and HMRC paid all the rest!!!) Hope that explains why many invest via pensions, though not nearly enough people grasp it. Best regards to you.

Thanks for the clarification HllInvestor - sounds fair enough to me!!

Hi HllInvestor - your post at 15.34pm seems to be in direct contradiction of your post on 29th October where you stated the UK yield curve flattening was a good sign for gold. Have you changed your mind on this, or are you swaying one way then the other? Just trying to understand your intentions here as you seem very pro-GGP in previous posts, but now issuing a warning shot - or am I just misunderstanding you? Thanks.

Fair enough Greb - but great to hear from you - atvb!!!

I was hoping (but not convinced) that our healthy rise yesterday would be backed up today by a nice RNS with more news. Alas ‘twas not to be and the game players continue to mess with our investment in GGP. The trick is to see through the games and not let it grind you down so that you give up or sell cheaply IMHO. We have a barrel load of news to drop with JV projects, our own tenements and Berenberg reaffirming at least 24p SP plus an expected higher MRE upgrade. So hold tight folks, let the games play out, write off 2021 as “annus horribilis” and a bigger and brighter New Year will be with us in a matter of weeks imho - VGLA Greatlanders

Great stuff SAS - then we just need 5 Greatlanders at any time to rally together and report the same disrupter/troll - shall we call it the 5 Rule as a call to arms!!!

Hi SAS - if that’s true we ought to count them in for any disrupter we feel we ought to be rid of!! Pulling together can minimise the nuisance/troll factor!!

I concur Adrian and send my sincere condolences to Panama and FC

Exactly LeBugue!!!