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Can i make regular contributions to my wife's sipp?
Douh!!!
Posts: 2 Newbie
Hi, Can i make regular contributions to my wife's sipp?
We are in our late 40's, my wife has transfered a personal stakeholders pension to a Sipp with Fidelity.
can i contribute £100.00 per month?
would the have Tax implications later in life?
Thanks in advance
We are in our late 40's, my wife has transfered a personal stakeholders pension to a Sipp with Fidelity.
can i contribute £100.00 per month?
would the have Tax implications later in life?
Thanks in advance
0
Comments
-
Yes, subject to the usual rules (earnings/annual allowance etc).
http://www.hl.co.uk/pensions/sipp/how-much-can-i-invest
https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief0 -
You can make contributions to her pension but remember that it is her earned income that determines how much can be paid into a pension for her each year and her income tax rate that determines the tax relief level.
If her income is nil then the most anyone could pay into a pension for her is 2880 net, 3600 gross.
If her income tax rate is 40% and yours is 20%, she's entitled to the extra 20% tax relief as a refund from HMRC on the portion above 40%.0
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