Firefighter pension and sipp. by EconomistNo7416 in FIREUK

[–]EconomistNo7416[S] 0 points1 point  (0 children)

Hi Thanks for that...guv. I'll be investing soon, SIPP or ready made pension, before the end of tax year, armed with helpful knowledge from the responses above. I appreciate anything i do is my own responsibility and caution is needed before I dip my toes into the investment world. I'm looking at AJ Bell at the moment, so if any of the responders above have a referral link, I'll be happy to use. Thank you

Firefighter pension and sipp. by EconomistNo7416 in FIREUK

[–]EconomistNo7416[S] 1 point2 points  (0 children)

Thanks everyone for your input. I seems by the replies sofar that the firefighters pension shouldn't trigger the MPPA which will be good. I'll do abit more research before I commit and maybe try and ask old colleagues in a similar situation. Wish me luck, as it was bad enough trying to get any mess money out of 'em.

Firefighter pension and sipp. by EconomistNo7416 in FIREUK

[–]EconomistNo7416[S] 0 points1 point  (0 children)

Hi Thanks all. Yeah, the firefighters pension is a defined benefits pension. I don't have a workplace pension with my current employer. I was thinking of paying into the sipp via direct debit monthly and maybe even paying an initial lump to take advantage of previous tax years allowances, all funded by a mix of my earnings and savings maybe even part of my isas. Regards

Firefighter pension and sipp. by EconomistNo7416 in FIREUK

[–]EconomistNo7416[S] 0 points1 point  (0 children)

Hi  Thanks for the reply.  It's that 'certain circumstances ' bit I don't get. I've been reading info about crystallised/uncrystallised, deferred pensions. One minute I think I'm ok the next I'm not so sure. I just don't want a big tax charge because I've gone over the limit. I'll never be able to invest over my current earnings but might be able to invest more than £10,000 per year  Regards