• Listener Questions, Episode 7

  • Mar 12 2025
  • Duración: 44 m
  • Podcast

Listener Questions, Episode 7

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  • Welcome to another Q&A show. This week we cover moving abroad, inheritance tax and paying into a pension while drawing from another, and lots more besides! Shownotes: https://meaningfulmoney.tv/QA7 01:16 Question 1 I’ve been a long time listener for my entire working career and your podcast has been invaluable to getting me to the great position I’m in now. I have recently been offered a very exciting job opportunity abroad (specifically Luxembourg) and I’m thinking about financial issues I might want to cover. I am 29 and have a mid-five figure sum in each of my ISA, LISA, and DC pension in the UK. I hope to save and invest heavily abroad with a FIRE sort of philosophy. I wonder if there are any big things to think about in preparation for a move, or things to do while in the EU that will make a move back easier. I realise this is probably a complex question, and maybe too niche for a podcast episode. I’ve considered getting a one-off consultation with a financial advisor before my move, do you think this would be worthwhile, and if so what sort of service or green flags should I be looking for? (Assuming Jackson’s is not a specialist in this area!) Thank you again! Stuart 06:24 Question 2 Hi Pete, Hi Roger, May I ask a question about pensions now being subject to IHT. My father in law’s strategy for passing on his wealth was to pass on an unused pension, previously protected from IHT, and he had also invested in AIM shares, again also previously exempt from IHT but now subject to 20% tax. He is nearly 82. What options might you suggest for him to consider on either of those points, but in particular the pension point. Draw the pension and gift it? Thank you very much. Love the pod and religious listener! Jo 13:00 Question 3 Hi Pete and Roger, A great many thanks for all that you do towards simplifying personal finance principles. It is with thanks to your guidance that I am living within my means and on a budget with clear financial objectives. My question today is on behalf of a family member, let’s call her Glynda. Glynda is 58 years old and intends to continue working until she can claim her full state pension. She currently has two private pension pots, one is a SIPP on the Vanguard platform and one is her workplace scheme with a smaller provider I’ve never heard of called Creative Trust. A few years ago, she chose to withdraw her 25% tax free cash allowance from her SIPP with a view to investing this in rental property. For one reason or another this didn’t actually happen so she is now saving this aside as her 18 month cash buffer. To withdraw the 25% tax free cash, she had to “crystallise” the entire SIPP pot. The remainder is still invested in 100% equities - the growth engine as you say, but it is now in a flexi access drawdown account, not a pre-retirement pot. Meanwhile, the workplace scheme is growing nicely with contributions of around £3500/yr, which is not insignificant on her modest salary. This pension is not yet “crystallised” and is also aggressively invested through the limited fund selection on that platform. You have spoken at length about pensions but my question has not yet come up, though I appreciate it may be niche. If the SIPP has been crystallised and the Workplace scheme has not, can they still be combined? Does Glynda need to take her tax free cash from her workplace scheme BEFORE transferring/combining this scheme into her SIPP for ease of management? If she opts NOT to take the tax free cash before transferring, does she lose that option? What is the point of “crystallisation”? Why is it even a thing in a world of flexi access drawdown, it seems irrelevant to me. Do platforms charge different levels of fees post-crystallisation? If so, can Glynda transfer her crystallised SIPP to a new provider if savings can be made on fees. Many Thanks, Sam 19:48 Question 4 Hi Pete and Roger, I have been an avid listener to the podcast for a long time now, probably 5 years, what a journey! Thank you for all the content you put out. Pete; I think I read your book first which put me on to the podcast, or perhaps it was the other way around, I can’t remember. I’m pleased to say that when I read your book, I then went through it with a fine toothcomb and ticked off everything I needed to do! Needless to say I’ve been in a good situation for a while now, thanks to you, your book and this podcast. I still use a Meaningful Money Budget Spreadsheet to plan my monthly finances! I did leave a review a good while ago on the app store letting you know how Meaningful Money has helped me! I have attached a picture of my copy of your book, hope you don’t mind all the post it notes! My question is surrounding Emergency Funds and what criteria we should apply as to whether something is an “emergency?” Classic things such as a broken down car, a leak in the house or the boiler breaking down are all perfect scenarios for an emergency fund. But...
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