Help Needed

[mgfboy]

Re: Help Needed

The DWP are wrong any money in the SIPP was owned in effect by the trust.

I also assume the accountant was also a IFA?

You could only access the pension if you where over 55 or 50 depending on when the company went bankrupt.

Why did the accountant suggest this was a good thing to do?

[dazzer]

Re: Help Needed

That is the point I was trying to make, that this money was part of my pension. My accountant was not IFA but he is chartered. Previously, the regulations, as I understand it, was that money put into a SIPP could only be invested into 'listed' companies but then it was relaxed so that it could be invested into other companies. The SIPP, that my accountant moved my money, would allow the money to be invested into any company as long as it was deemed to be potentially profitable by a chartered accountant, now you see.
I wanted the money into a limited company as I was hoping to move into a travel holiday company as soon as political climate changed.

[mgfboy]

Re: Help Needed

That is the point I was trying to make, that this money was part of my pension. My accountant was not IFA but he is chartered. Previously, the regulations, as I understand it, was that money put into a SIPP could only be invested into 'listed' companies but then it was relaxed so that it could be invested into other companies. The SIPP, that my accountant moved my money, would allow the money to be invested into any company as long as it was deemed to be potentially profitable by a chartered accountant, now you see.
I wanted the money into a limited company as I was hoping to move into a travel holiday company as soon as political climate changed.

Interesting, thats not quite how it works. I would love to read the full explanation letter that you recived from the acountant. I assume that the SIPP has lost the money in the company???

[dazzer]

Re: Help Needed

Interesting, thats not quite how it works. I would love to read the full explanation letter that you recived from the acountant. I assume that the SIPP has lost the money in the company???

Hi, But that is my point. It is not supposed to be like that but since my accountant has pulled it off, the DWP don't understand 'what' took place. The problem for me is that the legal people don't seem to understand either. If this was to become general knowledge, given the current financial climate,I suspect there will be quite a load of people wishing to cash in their pension. I feel certain that the government would not want this to happen.
Yes, the Money in the company has gone.