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Savings to pensions
datlex
Posts: 2,252 Forumite
This is a hypothetical question: Can you add from a savings account to a pension fund (assuming it does not take you over the contributions limit)? For example interest earned on savings that take you over £6000.
Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
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Comments
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Yes - it doesnt matter where the money comes from.0
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As long as you're aware of both contribution limits, ie the annual allowance (£40k); and the 100% of "relevant earnings"/£3600 limit.0
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You'll also need to be aware of the tax free lump sum recycling limits if you're using savings with the intent of replenishing the savings from a pension tax free lump sum.0
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I will be taking contribution limits into consideration. Obviously as well changes to these should they arise.As long as you're aware of both contribution limits, ie the annual allowance (£40k); and the 100% of "relevant earnings"/£3600 limit.
I have no intention of doing that. Intention is to build up the £6000 and then moving the interest to my pension.You'll also need to be aware of the tax free lump sum recycling limits if you're using savings with the intent of replenishing the savings from a pension tax free lump sum.
Thanks to all who responded, great way of checking things out.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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