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Yes, a primary residence is infinitely more tax-friendly but you would need to stomach considerable downsizing - at considerable cost - to fund a retirement. On income tax, buy-to-let investors face George Osborne's new landlord tax by 2020. It will wipe out profits for many owners. The introduction of this tells you much about the way the political winds are blowing. In contrast, politicians are falling over each other to suggest ways to improve pensions. They'll never totally stop unhelpful meddling but property investors can expect more. One final point. British property is overvalued in terms of rents and when prices are compared with wages. A generation before enjoyed an unprecedented boom in values and most assume the same will happen again. The numbers suggest otherwise,cheap jordans online. 2. My pension dies with me This quite often used to be the case, which is why the belief persists. If pension savings are used to buy a single annuity,cheap authentic jordans, as most people once did, the assets were gone immediately and the income died when they died, unless it was a joint annuity designed to carry on paying a spouse. The money could be passed on if it remained in a pension pot. And the rules have further improved. In very broad terms, when someone dies under age 75, under the new regime the recipients of their unspent pension cash aren't taxed at all. Where someone dies over 75 - which is most of us - the recipients of the cash won't pay a 55pc pensions death tax. Instead they'll pay their own "marginal" (highest) rate of income tax on the pension cash they take as their inheritance. A son could carry on using his father's pension in the same way as his father had been doing. This is all far better treatment than money outside a pension which is subject to inheritance tax rules. 3. Your will controls who will benefit from your pension on your death It's actually a beneficiary nomination form that dictates who will benefit from your pension, although pensionscheme trustees will often revert to the will for guidance if no nomination is made. 4. The tax breaks on pensions always boost my pot If you pay into a company pension, this is true. Your contributions, up to ?40,000 a year, are paid into your pension before tax is paid. A higher-rate taxpayer gets 40pc tax relief, effectively a 66pc boost to the amount put in. However, if you put money into a Sipp, the money is boosted automatically with 20pc basic-rate tax relief, but higher-rate taxpayers need to claim the other 20pc on their self-assessment form. This is paid as a refund or through a reduced tax bill. Either way, it's money that goes into your pocket rather than your pension. 5,http://www.cascsite.com/forum/viewthread.php?thread_id=40278cheapjordanshoesfreeshipping.com/bolg. Everyone can access their pension at age 55 You could be forgiven for assuming we all get access to our company and private pensions at 55. The Government has done very little to explain planned changes. The reality is that "private pension age" will be linked 10 years below state pension age, which is already proposed to increase to 67 by 2028 and to 68 by 2046 with this likely to happen far sooner. The full details are explained at telegraph.co.uk/pensionage. 6. If I fall terminally ill before 55, I lose all my money This isn't the case. Your pension can be passed on, as above, but if you have life expectancy of less than a year, you may be able to take your whole pension pot as a tax-free lump sum if you're under 75 (if you're over 75 you pay 45pc tax on the lump sum). 7. Professional sportsmen can access their money at age 35 Obviously,cheap wholesale jordans, this myth would only affect the saving plans of a minority. It is true that sports professionals could once take their money early, depending on the type of sport - 35 for footballers but 40 for golfers and cricketers, for example. But it was realised that they usually found new careers and the perk was stopped in 2010. Welsh international Gareth Thomas, below, was among the last players to take advantage, drawing his pension from 2009 while he was still playing. Read more: Gareth Thomas: 'I earn...nd took my pension at 35'  Giving it a try: Gareth Thomas was initially reluctant to see his life turned into a play Photo: Dan Wilton 20128. There's a lifetime allowance, a limit on savings, but it only affects the wealthy This was perhaps once true,http://www.mapsxm.com/search/node/cheapjordanshoesfreeshipping.com/bolg, when the limit was ?1.8m in 2011, but it has been successively reduced. In April it will be ?1m. It sounds high but consider this: a ?1m pension pot becomes ?750,000 after the tax-free lump sum is taken. Let's see how much secured income that buys. In today's market it would buy an index-linked annuity that would pay less than ?25,000 a year. This is hardly a pension of the wealthy. 9. I can't put property in my pension You can't put your own home or residential property in your pension. However, it is possible to use money in a Sipp to buy commercial property, such as a shop or offices. It's very tax-efficient but can be costly as a specialist, expensive variant of the Sipp wrapper is required. You can put in to commercial property funds, available through most fund shops and stockbrokers. 10. Sipps are for sophisticated investors only It is true that picking your own investments in a self-invested plan can be complicated. But it is possible to keep it simple if you are a long-term investor and accept the stock market falls at times. Just open a Sipp and pick one low-cost globally invested fund,cheap retro jordans. We offer ideas at telegraph.co.uk/globalfunds,cheap air jordans. 11. I can't choose investments for my company pension This was previoulsy the case at most companies but more recently some firms will offer simply choices, often meaning you can choose to have more of your money go into emerging markets, for example,jordans for cheap, than the usual default. andrew.oxlade@telegraph.co,cheap jordans.uk Explained in one minut...ur tax-free pension cash 'Lamborghini' pensions explained in one minute Nine ways of improving...hances of retiring early Work out how much income you may receive from your personal pensions with our handy retirement calculator. For more information about your retirement options or to request a free guide call 0800 345 7531. “He also asked me where I had been and, as I still had my accreditation around my neck it didn’t take an ace detective to assume I’d been to Longchamp. He asked how I’d got on,http://frndever.com/friends/blog_entry.php?user=kicksTking&blogentry_id=700316cheapjordanshoesfreeshipping.com/bolg, so I told him I was skint, hoping that might reduce the penalty fine. He advised me what I should do is back the favourite and then all the horses around the favourite. 'Good Lord’, I said. 'I wish I’d met you 30 years ago. Instead of driving a little car I’d be in a Ferrari.’ We became friendly quite quickly. In the end he clapped me on the shoulder and said, 'Bonne route!’  Sir Peter became the soundtrack to racing, as much a part of the sport as the horses themselves, covering some of the greatest races from shortly after the War until finishing for the BBC on Hennessy day 1997. The 40th anniversary of 1975 King George, between Grundy and Bustino, has been a recent reminder of the great commentator at his best. Some of his most memorable calls were associated with the Grand National and in particular Red Rum, especially his first in 1973 when,Kicksokok.com, some way out, the intonation in his voice switched to Red Rum as he began to get up on Crisp and, five years later, when the great horse won his third National. “The crowd are willing him home. They’re coming to the Elbow; just a furlong between Red Rum and his third Grand National triumph. He gets a tremendous reception. You’ve never heard anything like it at Liverpool.”  He was one of the last commentators to switch from binoculars – he had a pair of German U-boat binoculars – to a monitor and used to meticulously prepare the day before by colouring in the silks of each horse and annotate his 'racecard.’ He was of that generation which frequently corresponded by letter. After the 1990 Grand National I received a sweet card of congratulation from Sir Peter, who had called Mr Frisk home. In it, with typical modesty, he apologised that I would have to put up with his voice every time I watched a rerun. But wasn’t that every schoolboy’s dream; to have Sir Peter O’Sullevan commentating on the best 10 minutes of his life? |