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I've got ￡213,000 in my 年金マリファナ, what do I need to do before I 攻撃する，衝突する 75? STEVE WEBB replies

I've got ￡213,000 in my 年金マリファナ, what do I need to do before I 攻撃する，衝突する 75? STEVE WEBB replies

By Steve Webb For Thisismoney.co.uk Updated: 11:00 18 損なう 2024

In 2015 I put the ￡265,000 balance of my 年金マリファナ into a self-投資するd personal 年金. Since then I have drawn 負かす／撃墜する a total of ￡151,000.

At the moment I am 製図／抽選負かす／撃墜する￡2,500 a month. The 現在の value of the 投資s in my Sipp is ￡213,000.

I will be 74 in July this year. Is there anything I should be doing with my Sipp before I reach the age of 75?

Healthy マリファナ: What do you need to do with your 年金 at the age of 75?

Steve Webb replies: Reaching the age of 75 used to be a 重要な milestone when it （機の）カム to the 支配するs about 年金s, but a lot has changed in 最近の years, and it is now いっそう少なく of an 問題／発行する.?

But in this column I’ll run through the things which do still change and the things which no longer change on your 75th birthday.

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Starting with the things that do still change, anyone who is still 利益／興味d in 支払う／賃金ing into a 年金 can continue to do so after 75, but they will only get 税金救済 on their 年金出資／貢献s until they reach the age of 75 and not thereafter.

Secondly, anyone who is still an 従業員 up to the age of 75 (and earns more than ￡6,240 per year) has the 権利 to 需要・要求する that their 雇用者 enrols them into a workplace 年金 and makes an 雇用者出資／貢献. After the age of 75 this 権利中止するs.

Third, in the sad event that you were to die before the age of 75, your 相続人s would be able to 相続する the balance of your 年金マリファナ and take it out 解放する／自由な of 所得税.?

Got a question for Steve Webb? Scroll 負かす／撃墜する to find out how to 接触する him

Once you reach the age of 75, any 相続するd マリファナ would be 支配する to 所得税 when it was drawn out. In either 事例／患者 though, any マリファナ would not 普通は count for 目的s of 相続物件税金.

Let’s now look at some of the things that used to change but are no longer 影響する／感情d by whether you are above or below age 75.

The first relates to turning a ‘マリファナ of money’ 年金 into an income for life by buying an annuity. 事前の to the introduction of ‘Freedom and Choice’ in 年金s in April 2015, anyone who still had money sitting in a マリファナ of money 年金 had to use it to buy an annuity (with some very 限られた／立憲的な exceptions) by the age of 75.

That 支配する has now been 廃止するd. As a result you can, if you wish, carry on with your 現在の approach by 製図／抽選 a 正規の／正選手量 from your 年金マリファナ.?

(I should 強調する／ストレス that I’m not advising whether you should or should not carry on as you have been, but 簡単に explaining that there’s nothing about turning 75 - apart from the points 名簿（に載せる）／表（にあげる）d earlier - which should 影響する／感情 your 決定／判定勝ち（する） one way or the other.)

What about the Lifetime Allowance??

The other thing which is changing with regard to turning 75 relates to the Lifetime Allowance. The LTA is, in simple 条件, the 限界 on the total value of 年金マリファナ you can build up whilst 利益ing from 税金救済 on the 出資／貢献s.

事前の to the April 6 2023, turning 75 was what was known - in a bit of a mouthful - as a ‘利益 crystallisation event’. What this meant in simple 条件 is that 年金 money which was 完全に untouched (‘uncrystallised’) at that ag e was then 得点する／非難する／２０d against the LTA.?

In 新規加入, where people’s ‘マリファナ of money’ 年金s had grown in value between first 存在 taken and age 75, any growth in the value of the マリファナ was also 実験（する）d against the lifetime 限界. If you 越えるd the LTA, there was an 付加税金告発（する），告訴（する）／料金.

As you may know, in the 2023 予算 the （ドイツなどの）首相／（大学の）学長発表するd that the Lifetime Allowance was to be 廃止するd. During 2023/24 the 付加税金率 on those who 越える the LTA was 始める，決める to 無 and in 2024/25 the LTA is 廃止するd altogether.?

For the 残り／休憩（する） of the 現在の税金 year you may therefore still get LTA-関係のある paperwork though the LTA 告発（する），告訴（する）／料金率 is now 無. From 6 April 2024 there is no longer any 年金 ‘実験（する）’ at age 75.

Incidentally, you may be wondering what is so special about age 75?

The short answer is that a change in 支配するs at age 75 was put into 法律 around half a century ago at a time when people who reached 年金 age had a much shorter life 見込み than they do now. Unfortunately, as is often the 事例／患者 with 年金s, some of the 支配するs have still not changed にもかかわらず all that has changed in the １０年間s since then.

Ask Steve Webb a 年金 question

Former 年金s 大臣 Steve Webb is This Is Money's agony uncle.

He is ready to answer your questions, whether you are still saving, in the 過程 of stopping work, or juggling your 財政／金融s in 退職.

Steve left the Department of Work and 年金s after the May 2015 選挙. He is now a partner at actuary and 協議するing 会社／堅い小道／航路 Clark & Peacock.

If you would like to ask Steve a question about 年金s, please email him at pensionquestions@thisismoney.co.uk.

Steve will do his best to reply to your message in a 来たるべき column, but he won't be able to answer everyone or correspond 個人として with readers.?Nothing in his replies 構成するs 規制するd 財政上の advice. Published questions are いつかs edited for brev ity or other 推論する／理由s.

Please 含む a daytime 接触する number with your message - this will be kept confidential and not used for marketing 目的s.

If Steve is unable to answer your question, you can also 接触する MoneyHelper, a 政府-支援するd organisation which gives 解放する／自由な援助 on 年金s to the public. It can be 設立する here?and its number is 0800 011 3797.

Steve receives many questions about 明言する／公表する年金予測（する）s and COPE ? the 契約d Out 年金同等（の）. If you are 令状ing to Steve on this topic, he 答える／応じるs to a typical reader question about COPE and the 明言する／公表する年金 here.

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