Can i backdate a pension contribution?

paul5046

In March i started a personal pension (monthly contributions). In April i lost my job. I have some spare money. Is there any way i can put in a lump sum and get tax relief?

mania112

It's not backdating, but you have an Annual Allowance for which you can receive tax relief.

The maximum you can contribute (gross) and receive tax relief this year is £50,000 or 100% of Salary - whichever comes first.

So although you already have monthly contributions set up, you can also make ad-hoc payments up to the above limits.

Not having a job at the moment means your Annual Salary during this year will be less and in fact nothing since April 6th - so you better start earning again, otherwise you're limited to £3,600.

paul5046

mania112 wrote: »

It's not backdating, but you have an Annual Allowance for which you can receive tax relief.

The maximum you can contribute (gross) and receive tax relief this year is £50,000 or 100% of Salary - whichever comes first.

So although you already have monthly contributions set up, you can also make ad-hoc payments up to the above limits.

Not having a job at the moment means your Annual Salary during this year will be less and in fact nothing since April 6th - so you better start earning again, otherwise you're limited to £3,600.

When you say limited to £3,600, does that mean you can still contribute £3,600 to a personal pension and claim tax relief, even though you are not paying income tax. I thought i'd have to stop contributing (or pay contributions gross) until i found a job.

mania112

That's right, you can still contribute up to £3,600.

That's a total gross figure though, so £2,880 out of your pocket and tax relief given.

paul5046

Thanks. ...........