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SIPP contributions.
trickydicky14
Posts: 1,512 Forumite
Looking for some information regarding SIPP contributions.
I have just been reading an article on ‘carry forward’ unused allowance from previous 3 years.
I retired in June 2016 at 61years old, since that time I have had no official income just savings interest and a small pension on around £5,000 a year.
In March this year, ‘a bit slow of the mark I know’ I started a SIPP with HL paying £2880 + tax relief added, this covers 2018/2019 and again in April did the same, 2019/2020.
Can you tell me, do I qualify for any unused allowance from previous years?
What I’m saying is can I legally put any more money into my SIPP and claim a bit more tax relief.
Hope I have read the article correctly.
I have just been reading an article on ‘carry forward’ unused allowance from previous 3 years.
I retired in June 2016 at 61years old, since that time I have had no official income just savings interest and a small pension on around £5,000 a year.
In March this year, ‘a bit slow of the mark I know’ I started a SIPP with HL paying £2880 + tax relief added, this covers 2018/2019 and again in April did the same, 2019/2020.
Can you tell me, do I qualify for any unused allowance from previous years?
What I’m saying is can I legally put any more money into my SIPP and claim a bit more tax relief.
Hope I have read the article correctly.
I choose the rooms that I live in with care,
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.
0
Comments
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No.
Limit is earned income or the 2880 you are contributing already.
Carry forward only comes in salary is high enough to do more than 40k a year contribution.0 -
You'd have to get a job where you earnt more than £3,600 to be able to contribute any more in the current tax year.
Or start a business which generated taxable profits greater than £3,600.
At least you managed to make the first payment before 6 April
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Don't wish to hijack the thread but in a similar position but earning around 25000 a year. Does this mean I can use the last 3 years so put 75000 into a sipp0
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No, why do you the no you can contribute more than £25,000?0
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So I cant go back 3 years to contribute to a sipp?
Haven't paid into a pension for a number of years. Probably a basic question but all fairly new to me.0 -
So I cant go back 3 years to contribute to a sipp?
Not unless you have a TARDIS no.0 -
The carry forward does not override the limit around what you actually earned in the current year. If you contributed nothing in previous years and this year earned £120k you could carry forward 2 lots of unused £40k allowance plus the current year's £40k to put all £120k into a pension. If you only earn £40k then that is all you can put in.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Ah got it many thanks for that.0
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