Savings to pensions

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datlex
datlex Posts: 2,239 Forumite
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in Pensions, annuities & retirement planning
This is a hypothetical question: Can you add from a savings account to a pension fund (assuming it does not take you over the contributions limit)? For example interest earned on savings that take you over £6000.
Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.

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  • Linton
    Linton Posts: 17,162 Forumite
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    Yes - it doesnt matter where the money comes from.
  • zagfles
    zagfles Posts: 20,323 Forumite
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    As long as you're aware of both contribution limits, ie the annual allowance (£40k); and the 100% of "relevant earnings"/£3600 limit.
  • jamesd
    jamesd Posts: 26,103 Forumite
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    You'll also need to be aware of the tax free lump sum recycling limits if you're using savings with the intent of replenishing the savings from a pension tax free lump sum.
  • datlex
    datlex Posts: 2,239 Forumite
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    zagfles wrote: »
    As long as you're aware of both contribution limits, ie the annual allowance (£40k); and the 100% of "relevant earnings"/£3600 limit.
    I will be taking contribution limits into consideration. Obviously as well changes to these should they arise.
    jamesd wrote: »
    You'll also need to be aware of the tax free lump sum recycling limits if you're using savings with the intent of replenishing the savings from a pension tax free lump sum.
    I have no intention of doing that. Intention is to build up the £6000 and then moving the interest to my pension.

    Thanks to all who responded, great way of checking things out.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
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