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Pension Entitlement for non-worker
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I must admit to only having skimmed this thread, but Carry Forwards is for those who have exceeded their £40k annual allowance for pension contributions and want to use unused allowance from previous years.
Other than that, pension contributions are per tax year (ignoring pension input periods!) and if you don't make the contributions in that tax year, then you've lost the chance to do so.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 -
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Worth being aware that Hargreaves Lansdown are one of more expensive platforms to go with, but they do have good service, so you have to decide if you are willing to pay extra for service, or go cheaper and perhaps not get as good a service. BTW for CF Woodford Equity, don't be fooled into thinking it's cheaper with HL, because when you add on their 0.45% charge on top of the 0.60%, it can actually be more expensive, than a platform that charges a set fee for example. Even if they are offering the fund for cheaper.0
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they do have good service
This has gone downhill rapidly since they cranked their fees even higher (10x previous or more) forcing many including myself+Spouse to have to leave in our tens of thousands.
My wife's last two questions to them online have gone unanswered. Only couching something as an official complains seems to attract their attention.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 -
Yes, that clearly states that being a member is enough - no need to make a contribution to benefit from carry forward.0 -
But I agree that carry forward doesn't come into play here. I was merely commenting on atush's claim that you had to be employed to make use of carry forward.
If you're unemployed but a member of a pension for the last 3 years and then earn 250k you can pay in 160k (4 x 40). Or slightly less if you paid in the 3600...0 -
if you are unemployed, then you have no earned income. Earned income goes into a pension, non earned cannot. Apart for the basic 3600 allowance.0
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if you are unemployed, then you have no earned income. Earned income goes into a pension, non earned cannot. Apart for the basic 3600 allowance.
Yes but the point is that you can be unemployed for 3 years and then in the year you are employed you will get the full tax relief including the previous 3 years carry forward allowance provided you are now earning enough.0 -
Yes but the point is.
Well, it may be "a" point, but given the OP's situation, I don't think it's "the" point!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
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