claim back tax for pension...

searcher30

as previously mentioned partner had a small private pension that he used to pay into. he was not told that he should claim back the tax on his self assessment form so he never did. questions:
1) can he claim back for previous years so that this can be credited or is there a time delay to this?
2) when he took out his private pension he was not told that the first 2 years were really charges towards the admin of setting up the private pension. can he do anything about this as it means that for the first 2 years no money was effectually invested for him.
thanks in advance

dunstonh

1) can he claim back for previous years so that this can be credited or is there a time delay to this?

There is no delay as such but since 2001 all personal pensions have been paid net of basic rate tax and before then all employed personal pensions were. Only self employed personal pensions were not. Retirement annuity contracts (pre 1988) are different.

2) when he took out his private pension he was not told that the first 2 years were really charges towards the admin of setting up the private pension. can he do anything about this as it means that for the first 2 years no money was effectually invested for him.

Most have been a long time ago then to have a pension that didnt invest a penny for 2 years. You could complain but I doubt you would get very far as the personal illustration provided prior to completing the application form would show the effect of charges and the values in the first 5 years, then every 5 years until selected retirement age.

searcher30

dunstonh wrote:

There is no delay as such but since 2001 all personal pensions have been paid net of basic rate tax and before then all employed personal pensions were. Only self employed personal pensions were not. Retirement annuity contracts (pre 1988) are different.


Most have been a long time ago then to have a pension that didnt invest a penny for 2 years. You could complain but I doubt you would get very far as the personal illustration provided prior to completing the application form would show the effect of charges and the values in the first 5 years, then every 5 years until selected retirement age.

thank you very much for your help. my partner is /was self employed and was
never mentioned about this. dont understand the point on retirement annuity
contracts. his pension was invested around 1997 . woudl have to check the
date again. he stopped paying after a year and a half . cannot remember
exact reason at mo. would have to get to you on it.
thanks for any help. regards.