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On July 1 next year I will be 60 and wife 61 – we currently have a TRIS/TTR and neither of us are retired – if I retired before that time and wife didn’t, how is our TRIS/TTR treated? Is my balance/earnings then tax free and hers subject to the proposed 15% tax? We currently have a 75%/25% split so would only 25% be subject to taxation, both earnings and CGT? Thank you!
A: Thanks for the question.
If you permanently retire, you will meet a condition of release. Potentially, you could commute your TRIS to a lump sum withdrawal, or stop it, and start another account based pension. As the latter will be a normal account based pension, then there will be no tax on the investment earnings on the assets supporting it.
For your wife, her TRIS will become subject to tax from 1/7/17 (the investment earnings on the assets supporting it will be taxed at 15%).
