I have a number of questions regarding how ARF work and the rules around them:
1. Are the changes to the rules for ARFs still a proposal or have they been brought in?
2. Do these new thresholds apply individually or jointly i.e. if myself and my husband have separate pension policies, but we are jointly assessed for tax at present and we probably be joint assessed on retirement, are the pension pots added together for married couples choosing joint assessment.
3. When the policies mature can they be merged together.
4. What is considered as Other Annual INcome. State pension I presume. Is rental Income or income from an Annuity considered as guaranteed income?
5. Do we both need to have a pension income of 18k or both have the ability to put 120k into and ARMF.
The reason I ask all these questions is that given recent losses on our pension funds and the availability t top up getting less, with declining wages, I am afraid that our only option will be an Annunity, which is what I wanted to avoid.
Also my pension pot will be bigger than my spouse's so I am just trying to figure out in advance what our options are going to be if say I have a 200k in my various pensions and he had 100k.
1. Are the changes to the rules for ARFs still a proposal or have they been brought in?
2. Do these new thresholds apply individually or jointly i.e. if myself and my husband have separate pension policies, but we are jointly assessed for tax at present and we probably be joint assessed on retirement, are the pension pots added together for married couples choosing joint assessment.
3. When the policies mature can they be merged together.
4. What is considered as Other Annual INcome. State pension I presume. Is rental Income or income from an Annuity considered as guaranteed income?
5. Do we both need to have a pension income of 18k or both have the ability to put 120k into and ARMF.
The reason I ask all these questions is that given recent losses on our pension funds and the availability t top up getting less, with declining wages, I am afraid that our only option will be an Annunity, which is what I wanted to avoid.
Also my pension pot will be bigger than my spouse's so I am just trying to figure out in advance what our options are going to be if say I have a 200k in my various pensions and he had 100k.