Max final year comtributions

Samg

As the max private pension contribution is equal to my yearly earnings does that mean that if i retire half way through a year then the max contribution for that year will be only half my normal annual income ? or is it based on the previous full years income ? Thanks

Samg

I assume it is based on the financial year or part year income ?

Samg

Also, does a final salary pension I am already receiving count as income as well as my sole trader income. This is also referring to the max amount i can pay in to a private pension in any year.

dasherman

Samg wrote: »

Also, does a final salary pension I am already receiving count as income as well as my sole trader income. This is also referring to the max amount i can pay in to a private pension in any year.

Pension income is classed as earned income, so will be subject to the normal taxation rules.

kidmugsy

"does that mean that if i retire half way through a year then the max contribution for that year will be only half my normal annual income ?" Yup.

"Also, does a final salary pension I am already receiving count as income as well as my sole trader income. This is also referring to the max amount i can pay in to a private pension in any year."
Nope.