Pension Contributions (Past Years)

chrisrsmith

Hi

General question.

I am taking a couple of years of work to 'enjoy life'!

I have been paying into a company pension scheme up until 2012 (when I left).

Is it worth (and permissible) to pay additional monies into the pension scheme for past years to best gain tax relief during the years whenever I was contributing?

I presume I can only do this for so many years past?

Yes - I am pension 'ignorant' but a fast learner

dunstonh

Is it worth (and permissible) to pay additional monies into the pension scheme for past years to best gain tax relief during the years whenever I was contributing?

If it is a company scheme the you will probably find the option to increment that ends when you cease employment.

Some group schemes and all individual schemes would allow it. You would also be limited by the annual allowance (which for someone with no earned income would be £3600 a year)

chrisrsmith

Is it best to 'top' that scheme up with the £3600 or go to a new scheme ?

atush

It depends on the costs, group schemes can be cheaper than individual but it all depends on your scheme.

Find out the charges if it allows new money paid in, and compare with a PP found somewhere like Cavendish online.

You can pay in your entire earned income (but not pension or investment income) or 2880 (grossed up to 3600 by TR) whichever is higher.

kidmugsy

chrisrsmith wrote: »

Is it worth (and permissible) to pay additional monies into the pension scheme for past years to best gain tax relief during the years whenever I was contributing?

I presume I can only do this for so many years past?

You can't do it for past years: that was scrapped years ago.