Pension Tax Due

xmodz

Hi there, I opened my pension up last month

Im unemployed so i only get the 20% relief

on there it goes this amount of tax is due into my pension.

when will i get this money into my pension

will it be when i retire

mania112

How are you unemployed and paying into a pension?

The maximum you can contribute into a pensions is £3600 per year. Therefore with the tax relief you only need to pay £2880.

The provider will automatically add the relief and it should show at the same time it shows your contribution.

mania112

Also if you have no income and go over this limit, you'll likely get a tax bill on the excess you shouldn't have paid into the pension - so be careful.

westy22

The provider will automatically add the relief and it should show at the same time it shows your contribution.

Only if the pension company or platform 'pre-funds' - otherwise you could wait up to 12 weeks for the tax relief to show in your account.

xmodz

mania112 wrote: »

How are you unemployed and paying into a pension?

The maximum you can contribute into a pensions is £3600 per year. Therefore with the tax relief you only need to pay £2880.

The provider will automatically add the relief and it should show at the same time it shows your contribution.

I have savings which i have been investing the last few years.

jamesd

55 is currently the earliest age at which you can get at pension money. From that age you can take up to 25% as a tax free lump sum and take an income from the rest, or not, as you choose.