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No retirement income - advice

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
14 replies 2.2K views
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Replies

  • BrynsamBrynsam Forumite
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    LHW99 wrote: »
    If you make payments into a pension you would get a refund of tax added, which would be be better than interest on a cash ISA. I am surprised you can pay in until 78,as I thought you couldn't add to a pension after 75, but someone more knowledgable than me would confirm that.

    Personal contributions don't attract tax relief after age 75. Employer contributions remain eligible for corporation tax relief and aren't a taxable benefit in kind.

    I wonder if OP had some sort of occupational arrangement, given it was taken out before personal pensions came into being in 1988 (doing the sums that looks likely). Alternative would be a Retirement Annuity Contract (aka a S226 contract). OP, any idea...?
  • ffacoffipawbffacoffipawb Forumite
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    Brynsam wrote: »
    Personal contributions don't attract tax relief after age 75. Employer contributions remain eligible for corporation tax relief and aren't a taxable benefit in kind.

    If you sal sac into pension after age 75 you would get the tax relief that way, by reducing income and thus not paying tax on it?
  • pearl123pearl123 Forumite
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    Ostrich49 wrote: »
    Hi LHW99
    I did investigate paying for missing years but there were about 10 and it came to too much at the time and I think too late to do this now.
    Check to see if there is still time to pay any missing years, You don’t have to pay all the missing years. I just picked a few to pay to top it up.
  • nigelbbnigelbb Forumite
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    pearl123 wrote: »
    Check to see if there is still time to pay any missing years, You don’t have to pay all the missing years. I just picked a few to pay to top it up.
    +1

    Just check your NI contribution record online & see if there are any years you can still pay for I think that you can go back at least ten years.

    https://www.gov.uk/check-national-insurance-record
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