Contributions - very basic question.

jem16

simm122 wrote: »

The pension is a group personal pension with SW
The yearly totals are identicle on my payslip i.e. gross pay and taxable pay

Group Personal pensions are always Relief at Source type pensions and tax relief will be added by Scottish Widows - it's a pity they don't clarify that on your statement. You basically have a Personal Pension with preferential charges as it's a group scheme.

I expect that you should have to claim for higher rate tax relief but to be absolutely sure you should check with your HR department or Scottish Widows.

simm122

thanks jem16 appreciate the guidance. will do that in the morning..

Daniel_Elkington

Please let us know the outcome, as I'm dying to find out now!

simm122

I certainly will do. Conversations with SW yesterday were not particular useful so have emailed my payroll department.

jem16

simm122 wrote: »

I certainly will do. Conversations with SW yesterday were not particular useful so have emailed my payroll department.

What did SW say?

simm122

The advisor said they couldn't identify whether a full high rate taxpayer relief was included as the contribution is presented by the employer as an inclusive sum? they suggested going back to the employer to establish the calculation. so just waiting on the payroll department now.

when i asked what an inclusive sum actually meant (as a novice) she said it simply meant a lump sum contribution i.e. gbp 400 as opposed to 360 in contribution and then a separate submission 40 (for example) in relief....
I just do not understand why this is so difficult - oh well!! hopefully I will know soon enough LOL!
Thanks again all.....

jem16

simm122 wrote: »

when i asked what an inclusive sum actually meant (as a novice) she said it simply meant a lump sum contribution i.e. gbp 400 as opposed to 360 in contribution and then a separate submission 40 (for example) in relief....

What percentage of your gross pay are you meant to be paying and does that £200 represent that percentage?

In other words some figures as I suggested earlier in Post 7 might throw some light on this.

xylophone

http://www.scottishwidows.co.uk/Extranet/Literature/Doc/45770JG

"The payments you make to this plan can be eligible for
UK tax relief. We will claim basic rate tax relief on your
behalf, and invest it in your plan. If you are a higher
or additional rate taxpayer, you may be able to claim
additional tax relief via your self-assessment tax return.
There is no tax relief on any employer contributions or
transfer payments. "

Is the above what you have?