Portfolio Clinic 

Use tax breaks to bolster your strong position

Reader Portfolio

Patrick , 61

Description

Pensions and Isas

Objectives

Income of about £20,000 a year

<p style="text-align:justify;">Pensions and Isas</p>

Patrick is 61 and retired this year. He has started to receive a defined-benefit (DB) public sector pension, which is paying him just over £50,000 a year. His wife has started to draw down from her various pension schemes and has a cash lump sum of £75,000, but will not have access to her state pension and a small DB scheme until 2024. They have also opened self-invested personal pensions (Sipps) into which they have transferred various pots of cash, and Patrick has realised a £170,000 lump sum from his DB pension, also in cash. Some of this has been used for this tax year's individual savings account (Isa) allowances. 

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe
Subscribe to Investors Chronicle

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now