Do my plans make sense

michaels

If her salary is 10k after any pension deductions then can't she put the full 8k into a sipp?

Dazed_and_confused

She has full state pension entitlement

Is that based on the belief that 35 years is relevant or because you have actually checked her forecast on gov.uk?

adviceisgood

I’ve checked on gov website

Dazed_and_confused

You seem to have it all sorted

Dazed_and_confused

If her salary is 10k after any pension deductions then can't she put the full 8k into a sipp?

It's not that simple if it's a DB scheme

https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/the-annual-allowance

merlin321

Yes its not simple at all with a DB scheme! I posted a question about this recently and had differing opinions on the matter.
However someone posted this link. https://www.pruadviser.co.uk/xpf_calculators/defined-benefit-pension-input-tool/ which may help if you are in a DB pension.

adviceisgood

Thanks for the link Merlin I will check up

cloud_dog

merlin321 wrote: »

Yes its not simple at all with a DB scheme! I posted a question about this recently and had differing opinions on the matter.
However someone posted this link. https://www.pruadviser.co.uk/xpf_calculators/defined-benefit-pension-input-tool/ which may help if you are in a DB pension.

Thanks for the link, will come in quite useful as I am about to make a significant increase in my contributions.

I feel pretty comfortable with my own contributions regarding AA but think it would be useful to validate via this tool. Would someone be able to assist in clarifying what the term "Pensionable salary" in the tool actually means?

Is it the pension amount I would receive at NRA or pensionable earnings? These are the two terms used on my DB statements and I'd like to ensure I am entering the correct value(s) in the tool.

camelopardis

If your wife is currently earning under her personal allowance (12.5K this year), then she can also transfer part of her unused allowance to you via Marriage Allowance

adviceisgood

Hi
I thought you could only transfer unused allowance from the marriage allowance if earnings less than 50k.