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Money Purchase Annual Allowance (MPAA) and DB Pension receipt
ManMadeWays
Posts: 66 Forumite
Quick question please, relating to my wife.
Does retiring from the NHS and being in receipt of the NHS (1995 scheme) DB pension trigger the MPAA ?
Not (allowed) to join an NHS pension scheme but wanting to carry on paying £6k plus per annum into a DC scheme.
What I have read seems to suggest it is only triggered when taking from a DC pot.
Thanks in advance.
Does retiring from the NHS and being in receipt of the NHS (1995 scheme) DB pension trigger the MPAA ?
Not (allowed) to join an NHS pension scheme but wanting to carry on paying £6k plus per annum into a DC scheme.
What I have read seems to suggest it is only triggered when taking from a DC pot.
Thanks in advance.
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Comments
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ManMadeWays wrote: »Quick question please, relating to my wife.
Does retiring from the NHS and being in receipt of the NHS (1995 scheme) DB pension trigger the MPAA ?
Not (allowed) to join an NHS pension scheme but wanting to carry on paying £6k plus per annum into a DC scheme.
What I have read seems to suggest it is only triggered when taking from a DC pot.
Thanks in advance.
What you've read is accurate. Taking income and tax free cash from a DB scheme does not trigger the MPAA.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
That's great thanks0
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Presumably you will have enough earned income to contribute £6k.0
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Yes, she has, in fact pushing it up to £1k a month. I'm way over Lifetime Allowance so we're maxing her Pension now, cheers
edit to add she will return to work part time after a break0
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