We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
SIPP Tax Relief
5-Star
Posts: 12 Forumite
I will be retiring soon and my final salary pension will be around £30K per year. I also have a SIPP which I intend to keep contributing to for a few more years. As I will be a basic rate tax payer I believe my contributions to the SIPP will still qualify for the 20% basic tax uplift even though my sole source of income will be from my pension, not earnings, is my understanding correct?
5-Star
5-Star
0
Comments
-
My understanding is that you'll be limited to £2880pa, which HMG will gross up to £3600.
Even though your pension income is taxable, it isn't classed as "earned income", so can't be lobbed into a SIPP.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards