WTC/CTC and personal pension contribution help

art200380

I currently have 2 pension schemes - a Scottish Widows stakeholder scheme which was set up about 8 years ago but been dormant for approx 2 years and an occupational scheme which both myself and employer contribute to, which my employer set up for auto enrolment purposes (the People's Pension).

Can I make the one-off pension contribution to either scheme?

Form TC825 says that in calculating your earnings you must deduct any personal pension payments whereas the link to the tax credit claim form above specifically states that any pension contributions need to have been made to a stakeholder pension and not to include any payments made to an occupational scheme.

So would I have to make the one off pension payment to Scottish Widows? Or could it go in to the People's Pension?

If it has to go in to the stakeholder scheme I don't understand the logic?

art200380

And the entitled to website seems to suggest that it doesn't matter whether the pension contributions were to an occupational scheme or a stakeholder scheme....

http://www.entitledto.co.uk/help/tax-credit-pension-contributions

Darksparkle

art200380 wrote: »

Thanks - I hadn't seen this as don't use that website.

According to the HMRC website it just states "savings" unless savings is expanded on somewhere else on the website.

I guess when UC time comes, a good use of the ISA would be to pay off the mortgage then? Our mortgage currently stands at £110k and I have approx. £80-84k in an ISA, but I usually pay the max in so within a couple of years I would have enough to clear the mortgage.

I just googled it.

Darksparkle

art200380 wrote: »

I currently have 2 pension schemes - a Scottish Widows stakeholder scheme which was set up about 8 years ago but been dormant for approx 2 years and an occupational scheme which both myself and employer contribute to, which my employer set up for auto enrolment purposes (the People's Pension).

Can I make the one-off pension contribution to either scheme?

Form TC825 says that in calculating your earnings you must deduct any personal pension payments whereas the link to the tax credit claim form above specifically states that any pension contributions need to have been made to a stakeholder pension and not to include any payments made to an occupational scheme.

So would I have to make the one off pension payment to Scottish Widows? Or could it go in to the People's Pension?

If it has to go in to the stakeholder scheme I don't understand the logic?

It says that because normally if done via the employer it is deducted before tax and already reflected on the P60 so they don't want you making the deduction twice.

If it's deducted after tax or through some other method then you can do it yourself.

art200380

So the form has arrived and I've completed it with the exception of the income section. Our 2015-16 income wouldn't entitle is to any WTC/CTC but our 2016-17 income would due to our pension contributions.

So do I put the 2015-16 income and wait for a rejection letter before contacting them? Or do I put an explanatory letter in with the application form? Or do I complete it and then call them at the same time so they put a note on the system.

Hoping Darksparkle comes along soon....

densol_2

I cant help with your question Art .....but thank you for posting as you have given me an idea to do similar - if I can get a job !

zagfles

art200380 wrote: »

So the form has arrived and I've completed it with the exception of the income section. Our 2015-16 income wouldn't entitle is to any WTC/CTC but our 2016-17 income would due to our pension contributions.

So do I put the 2015-16 income and wait for a rejection letter before contacting them? Or do I put an explanatory letter in with the application form? Or do I complete it and then call them at the same time so they put a note on the system.

Hoping Darksparkle comes along soon....

You apply. You have to put 2015/16 income on the form as that's what it asks for. You don't get "rejected", you should get a nil award, not quite the same thing.

You can then phone and give them an estimate for 2016/17.

TartanPennySaver

It might help if you include a copy of form TC825 and a receipt or confirmation that you've paid the pension contribution you've claimed.

Darksparkle

TartanPennySaver wrote: »

It might help if you include a copy of form TC825 and a receipt or confirmation that you've paid the pension contribution you've claimed.

Not with the original claim form. The claim form asks for 2015/16 income.

You cannot give 2016/17 income details until the claim is already on n system.

The claim form is scanned, additional letters are rarely looked at and if they are, it delays the processing of the claim as it then needs to be done manually.

The TC825 should be kept for your own records (or any other calculations made) in case they ask for it at a later date.

art200380

Thanks everyone - it will be going off in today's post recorded delivery and I'll await the nil award and then call them.

The pension payment for 2016-17 hasn't been made yet, it will be made in March 2017 so I can't show them that yet.