Dormant Pension!

xylophone

I contacted them and changed it from a worksplace pension
to a personal pension?!?! Standard Life.

You mean that there was a company sponsored/group defined contribution scheme with Standard Life and you left your benefits within the scheme when you left?

You have just discovered the paperwork, rung Standard Life and they have moved you out of the Group Pension Scheme into a Personal Pension Scheme?

You can now make additional contributions to this scheme?

If so, this would seem to be a good idea as you say

As it stands I have no other pension in place
just savings and isa's

You are now in your mid forties? Re new state pension

https://www.gov.uk/new-state-pension/overview

Re pension tax relief

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

Are you a higher rate tax payer?

Tokyo_8

Yep - mid forties!
Haven't paid any pension contribtions!
just dividends into isa

xylophone

just dividends into isa

Dividends from your own company?

Tokyo_8

xylophone wrote: »

Dividends from your own company?

Yeah company dividends!

atush

Is your company a limited company? This has implications in that you could set up an executive company pension?

you are behind in pension planning, so you need to get contributing?

dunstonh

This has implications in that you could set up an executive company pension?

EPPs are largely dead since A day. Older ones may retain benefits from prior to A day but those taken out after A day basically have much the same terms as personal pensions. Nowadays, most limited company directors pay into personal pensions as an employer contribution as the most tax efficient way.

Cyberman60

atush wrote: »

Is your company a limited company? This has implications in that you could set up an executive company pension?

you are behind in pension planning, so you need to get contributing?

That's what I unfortunately had with Equitable Life.

xylophone

You now have a personal pension with Standard Life?

You are a director of your limited company?

Your company can make the pension contributions.

Discuss with your accountant.

Tokyo_8

Ok - here's a question!
What are the implications to myself, if I either...

Pay £1000 into my S&S Isa
or £1000 into my private pension plan (not through a business)

ie the money coming out of my personal bank account!

atush

the ISA will have 1000, the pension will have 1250. That is the difference.

As for the company paying it, that means you save on corporation tax. So could be a good deal for you. Speak to your accountant.