Is there a limit on the annual contributions you can make to a Sipp? or does it have to reflect the amount you earn/
Also if i want to obtain a mortgage to purchase a commercial property via a sipp how would tehy calculate the amount permitted, is it on the sipp contribution amounts?
Questions And Answers
Sipp limits and commercial property
asked by
Val dfcfsdc
posted 04-01-2012 at 10:07
1-5 of 5 Answers
Andrew Diver answered 10-01-2012 at 12:29
The maximum annual contribution to a pension scheme is now £50,000.A SIPP can borrow up to 50% of the pension fund value, so this would be your cap, but that does not mean that a provider would necessarily lend you 50% of the value. That is a commercial decision and would vary from lender to lender.
Stephen Cox answered 14-01-2012 at 9:47
There is also the SSAS approach...has anybody been involved in setting one up recently?
Nicholas Bailey answered 16-01-2012 at 13:27
This is not an answer it's another question how does a SASS work?
Val dfcfsdc answered 17-01-2012 at 11:03
Thanks for your answers, it's much appreciated.I haven't really looked at a SSAS, i wasn't really sure what the benefit is. Am i right in saying that there is no limit of contributions to a SSAS but there is only tax relief up to a certain level? And also do all company staff have to be included or can it just be myself and another director?
Paresh Shah answered 03-02-2012 at 9:58
Rather then go through the details I am posting a link that may asnwer all your questions on SSAShttp://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/small-self-administered-schemes-(ssas)
This used to be popular with life companies but not so much these days. There are many good companies who can advise on SSAS and at reasonable costs.
Paresh Shah
paresh@fs2.co.uk
About Q&A
Get your questions answered by a unique network of professionals and fellow consumers for free. Share your knowledge and experiences by answering other consumer questions from the total investor community.Q&A Categories
Advertisement
