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SIPPs PART TWO
WHEN CAN I START ONE? RIGHT NOW!
How can I start one?
- Transfer in existing pension funds
- Pay in lump sums or monthly amounts
If you want one, it would be advisable to start it now.
Next year will be frantic, so if you put it off, your investment property purchase may be delayed.
When can I buy Property?
You can buy Commercial Property now and you will able to purchase UK residential property from 6th April 2006.
Buying property abroad may take a little longer, legally you can buy abroad on the 6th April 2006 as well but the infrastructure has to be put in place.
What should you do now?
Get some expert advice. If a SIPP is going to be suitable for you, generally the first thing to do is to consolidate your old pensions.
Getting Organized
Consolidating your pension funds can take a takes a long time, so start now, they will then be in one place so you are ready to buy property through your SIPP.
It can be tidier and less confusing to have just one pension fund.
The points outlined above are a a generalised and condensed overview of how SIPPS can be of benefit when planning your investments and should not be taken as investment advice.
Mortgage Calculator
How much that dream property or investment property will cost? Click here to use our handy mortgage calculator to work out your payments.
Shared Ownership
Rising prices have meant that people wanting to own a holiday home in Spain are finding it harder to raise the finance. Shared ownership could be the answer. Unlike timeshare, you actually hold Title Deeds and own a percentage of that property.... More »