SIPP Limit Starting from scratch?

davidwatts

amblonia wrote: »

You can start a SIPP from scratch or transfer money in

You can either start your SIPP from scratch with money that hasn't been held in a pension, or you can move it from an existing pension.




The above is copied/pasted from this very site. No mention of a tax relief limit.

That seems to be from point 6 on this page; the tax relief limits are mentioned in point 5, immediately above it!

https://www.moneysavingexpert.com/savings/cheap-sipps/

xylophone

The above is copied/pasted from this very site. No mention of a tax relief limit.

This? You need to read the whole of the article - see the section immediately above the paragraph you have cited.

https://www.moneysavingexpert.com/savings/cheap-sipps/

For (much) more detail see

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/tax-relief-members-contributions/

Has your wife obtained a new state pension forecast?

See https://www.gov.uk/check-state-pension

AnotherJoe

amblonia wrote: »

Thanks to all of the above who replied. It answers my basic question.
I was under the impression that tax relief is given on any amount contributed to a cash SIPP by a non-earner, when a brand new one is opened.

There's no such thing as a "cash SIPP"

Dazed_and_confused

amblonia

You are overcomplicating things with all the references to tax relief being available on a new SIPP.

There is no such rule in place. If tax relief is due i.e. a non earner paying in £2,880 each tax year they are eligible then it doesn't matter if the SIPP is newly opened or has been open several years.

Basic rate tax relief will still be added by the pension company (courtesy of HMRC).

Your wife's real problem is that as non earner it is going to take her 9 tax years to get the full £24,000 into the pension fund

xylophone

There's no such thing as a "cash SIPP"

I wonder does the OP mean contributing to the SIPP and staying in cash (rather than investing)?

AnotherJoe

Probably but given the other major leaps of logic by the OP it's hard to know and why would you think you only got the bonus if you didn't invest it when you could wait get the bonus and invest anyway?