Can I pay into a new Pension when i start drawing FS Pension
Options
fjh
Posts: 182 Forumite
The company I work for are changing Pension rules that will mean if I stay in FS till 65 I will have a reduction of 11% pa ( currently 61years old)
I have two options that are viable- Take Pension from Feb 2018 or Tf Final salary to a SIPP.
QUESTION could I place the majority of the pension into a new Pension and claim tax relief- amount would be app 30k for 4 years
Thanks
I have two options that are viable- Take Pension from Feb 2018 or Tf Final salary to a SIPP.
QUESTION could I place the majority of the pension into a new Pension and claim tax relief- amount would be app 30k for 4 years
Thanks
0
Comments
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You would be taking a DB scheme pension - this does not trigger the MPAA
http://www.scottishwidows.co.uk/extranet/literature/doc/fp0621
Those in receipt of other pension income eg defined benefit
pensions, continue to be free to recycle that income subject
to their level of relevant earnings or £3,600 if higher.
You will continue to have "relevant earnings"' to support a pension contribution of the amount you mention?
Will you/your employer continue to contribute to an employment related scheme?
See https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/the-annual-allowance
https://www.moneyadviceservice.org.uk/en/articles/the-lifetime-allowance-for-pension-savings0
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