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    • scoot65
    • By scoot65 23rd Feb 18, 7:10 PM
    • 170Posts
    • 65Thanks
    Unused annual allowance for DB scheme member Calc.
    • #1
    • 23rd Feb 18, 7:10 PM
    Unused annual allowance for DB scheme member Calc. 23rd Feb 18 at 7:10 PM
    I'm looking to open a SIPP and I need to know how much I will be allowed to put into it annually.

    I'm 52 years old (almost 53), my state retirement age is 67, ( I think it's still 65 regarding LGPS) I'm a basic rate tax payer and I've been in the LGPS for 27 years. Currently in full time, permanent employment with a Local Authority and thus still contributing into the LGPS.

    I've received the latest LGPS Annual Statement of Benefits at 31st March 2017.

    From the 1st April 2014 the Scene changed from a Final Salary (FS) to a Carer Average Revalued Earnings (care)

    The statement shows the following:-

    CARE Pension Build up (post 1st April 2014 service) opening balance ££ figure

    Main Section 01/04/16 -31/03/17 ££ figure

    Final Salary Benefits (pre 1st April 2014 service)
    Annual Pension ££ figure
    Tax Free Lump Sum ££ figure

    Total Value of Benefits at 31st March 2017
    Annual Pension ££ figure
    Tax Free Lump Sum ££ figure
    Survivors Pension ££ figure

    How do I calculate what my annual allowance is so that I know how much I can put into a SIPP this financial year?

    Many Thanks.....
    Last edited by scoot65; 26-02-2018 at 11:39 AM.
Page 2
    • zagfles
    • By zagfles 4th Mar 18, 7:36 PM
    • 12,808 Posts
    • 10,854 Thanks
    If an LGPS member earns £30K, then the pension input amount for their CARE scheme membership will be £9786.
    Originally posted by hyubh
    Yes, so someone on £30k would get very close the annual allowance if they put 100% of earnings into their pension. It'd vary a bit if there's a discrepancy between the inflation figure used for increasing accrued LGPS pension, and the inflation figure HMRC use for AA purposes. So even £30k is not "safe".

    This myth that the annual allowance doesn't apply unless you earn over £40k need quashing.
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