Pension Fund Contributions (UK)

[Ian Neal]

Hi all,

I make contributions to a personal pension fund that has had SERPS Opt
Out contributions too, what is the best way of showing this all in
kmymoney2? Is it as an investment? How would I show a transfer to
another pension fund? Is this more of a feature quest?

TIA,

Ian


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[tonyb-2]

On Saturday 24 Oct 2009 15:37:46 Ian Neal wrote:
> I make contributions to a personal pension fund that has had SERPS Opt
> Out contributions too, what is the best way of showing this all in
> kmymoney2? Is it as an investment?

I have a SIPP which is not quite the same thing. I class it as an Investment,
but that's because I know which units the fund gets invested in, and can get
the current prices of them. Also, I keep it in a separate account 'folder'
from my 'Current Investments', since it's an asset I can't get hold of
immediately.

Do I assume the Opt Out contibutions you refer to are tax refunds? I used to
categorize these as negative 'Income Tax' but that screwed up my tax returns,
so I now put them in a separate category: Income:Misc Income:Tax Refund.

> How would I show a transfer to
> another pension fund? Is this more of a feature quest?

You can move a stock transaction from one investment account to another in the
latest release. A patial transfer would probably need to be done by a notional
sale and purchase.

Hope this helps.

--
Cheers,

TonyB

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[Ian Neal]

tonyb wrote:

> On Saturday 24 Oct 2009 15:37:46 Ian Neal wrote:
>    
>> I make contributions to a personal pension fund that has had SERPS Opt
>> Out contributions too, what is the best way of showing this all in
>> kmymoney2? Is it as an investment?
>>      
> I have a SIPP which is not quite the same thing. I class it as an Investment,
> but that's because I know which units the fund gets invested in, and can get
> the current prices of them. Also, I keep it in a separate account 'folder'
> from my 'Current Investments', since it's an asset I can't get hold of
> immediately.
>
> Do I assume the Opt Out contibutions you refer to are tax refunds? I used to
> categorize these as negative 'Income Tax' but that screwed up my tax returns,
> so I now put them in a separate category: Income:Misc Income:Tax Refund.
>
>    

Yes, Opt Out contributions are tax relief/refunds of a sort. The trouble
is, at the moment, you cannot seem to make investments as part of split
transaction (so for example to a company pension as part of a salary
payment). I suppose one work around is to pay into separate account and
then use that to make investment purchases but that's not ideal. Any
other options?
>> How would I show a transfer to
>> another pension fund? Is this more of a feature quest?
>>      
> You can move a stock transaction from one investment account to another in the
> latest release. A patial transfer would probably need to be done by a notional
> sale and purchase.
>    
I will look at that once I've got the rest working as I'd like.

Thanks,

Ian



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[tonyb-2]

> Yes, Opt Out contributions are tax relief/refunds of a sort. The trouble
> is, at the moment, you cannot seem to make investments as part of split
> transaction (so for example to a company pension as part of a salary
> payment).

Yes, I suppose that's a limitation of the current system.

> I suppose one work around is to pay into separate account
> then use that to make investment purchases but that's not ideal.

That's the way I do it, because in my case that reflects real life. The money
gets transferred from my bank or from the taxman to my broker, who then
invests in the SIPP. I accept that SERPS may be different; I am not familiar
with their operation.

--
Cheers,

TonyB

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