Help with Private pension

adewton

I'm 33, married with 2 kids. I've got an NHS pension but I was told it would not be enough. I've got a part-time limited company apart from my main job (taxed at 40%). HMRC advised to use code D0. I wonder how to pay pension before paying myself. Which pension scheme would be ideal? Thanks.

Careful_ly

I see you havent had any replies, so I will help a little, if I can

When you make your contribution to a pension the administrators will reclaim 22% from the government which will be added to your fund, you then reclaim the further 18% by way of your self assesment tax form.
Perhaps a SIPP would be suitable?
HTH

Chrismaths

If you have a limited company as you say, some things to bear in mind:
Stop paying yourself a salary and take income through dividends. These are liable to corporation tax (19% if profit is less than £300k) and income tax (25% of the income you receive if HR). Then the company won't have to pay 12.8% NI.
If you are paying corporation tax at 19%, then it would make more sense to make pension contributions yourself instead of through the company, as you'll get relief at 40%. You probably ought to consult an accountant.

Which pension scheme is suitable depends on many things, not least the size of the fund currently, how much you are paying in, and many more things besides.