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Pension payments, tax credits and NEST
zolablue25
Posts: 1,652 Forumite
Hi
My current salary is just above the new threshold for receiving child tax credits for a single child and so I have now lost this payment. Earlier today, thanks to the helpful people on this forum, I found out that if I pay into a pension I can count this against my salary and drop back below the threshold for child tax credits. This effectively means that the tax man will pay for my pension payments. This was very good news, but has left me rather confused on where to go next. The company I work for has approximately 50 employees so it will be some time before they have to set up a NEST scheme that they have to contribute to. My question really is should I start a new pension to take advantage of the child tax credit situation or should I wait a while until my employer has to set up a NEST so that I can take advantage of the employer contributions.
All help gratefully received as I am incredibly confused at the moment.
My current salary is just above the new threshold for receiving child tax credits for a single child and so I have now lost this payment. Earlier today, thanks to the helpful people on this forum, I found out that if I pay into a pension I can count this against my salary and drop back below the threshold for child tax credits. This effectively means that the tax man will pay for my pension payments. This was very good news, but has left me rather confused on where to go next. The company I work for has approximately 50 employees so it will be some time before they have to set up a NEST scheme that they have to contribute to. My question really is should I start a new pension to take advantage of the child tax credit situation or should I wait a while until my employer has to set up a NEST so that I can take advantage of the employer contributions.
All help gratefully received as I am incredibly confused at the moment.
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