About this episode
In this episode we answer listener questions covering emergency funds for higher and additional rate taxpayers, and inheritance tax considerations around beneficiary SIPPs. We also discuss whether couples should rebalance pension contributions, the key steps to take before retiring abroad, and what to know about DB pension transfers. Finally, we look at cross-border pension taxation using the UK–Denmark double taxation treaty as an example. Shownotes: https://meaningfulmoney.tv/QA40 01:20 Question 1 Hi Pete & Roger, Thanks for all your helpful and easy to understand information. I have only been on my financial wellbeing journey for a year. I work in the NHS and am in a higher tax bracket. I am fully enrolled in the NHS pension, more out of previous disinterest than any actual action on my part. I am single and currently saving up for a down payment on a house in about 4/5yrs. I maxed out my ISA last year and expect to do the same this year; this includes money for the down payment. I also took out a SIPP which I only recalled last year; I took it out 20+ years ago. However I am still waiting for a statement from the pension office before my accountant can work out how much more I can add to the SIPP. In the interim I have my emergency fund in a premium bond (20k) but am worried it's being eroded by inflation. I expect to be an additional tax payer in the next few years. Where should I keep my excess cash? More in premium bonds with no tax but erosion by inflation; or open GIA or more in high interest savings account and pay the tax? Or is there another option you would recommend? Btw I have £600 in crypto (Coinbase and Etherium) but don't plan to put more than £400 more in then plan to forget about it. It's a tiny fraction of what I put in my ISA. Thanks, Joy 04:46 Question 2 Dear Pete and Roger. Love the podcast. I think it is essential listening for those wanting to elevate their knowledge of the incredibly important subject of financial planning and it also highlights the value add that financial professionals can provide. My mother is 79 and has a comfortable guaranteed inflation linked income via state and civil service pension, which is supplemented by savings (maxed premium bonds & healthy cash savings) and investments held in ISAs and a beneficiary SIPP from my late father who passed before 75yrs old (therefore the assets are income and CGT free). My mother is keen to minimise the IHT on the estate both her and my father worked so hard to create. Despite her comfortable situation, I still have to encourage her to spend and use your very helpful '40% off sticker' analogy on a regular basis. It is my understanding that SIPPs will be subject to IHT and income tax from 2027. As my sister and I are both additional rate taxpayers, we will potentially be subject to 67% tax on any assets remaining in
