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Where Taxpayers and Advisers Meet

Setting up a SIPP

Joined:Wed May 24, 2017 9:38 am
Setting up a SIPP

Postby toneekc » Sun Nov 12, 2023 10:46 am

My son has is own one man band company,
Not married as yet.
His accountant has set up a paid salary of his personal allowance and the rest in dividends to give him £46,487.00 June 22/23, with a company income of around £100,000.00.

He is looking to set up a SIPP

a) To give him a personal pension to look forward to, but more to the point.
b) To give him away to get more out of the hard earned pot growing in the company account by way of employer contributions.

Can you please let us know what kind of employer contribution he can look forward to, back payments if any, and any ideas going forward.

He has a life time ISA, however, I think I'm right in saying it's not classed as a registered pension scheme so no benefit from the 'carry forward' rule.

Big thank you in advance.

Joined:Mon Mar 11, 2019 4:22 pm

Re: Setting up a SIPP

Postby Jholm » Mon Nov 13, 2023 1:36 pm

If he isn't already a member of a registered pension scheme, there will be no available carry forward of unused annual allowances from previous years.

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