paid too much into pension....?

Ciprico

I have paid too much into pension, (when topping up I forgot about the company workplace pension contributions).
To rectify can I write to pension company and ask them to move a couple of k from SIPP y/e 2020, and redeploy it in same SIPP y/e 2021...
HMRC are not aware of this oversight, so hoping to fix it before they notice any apply any penalties...
I'm a basic rate tax payer, and have 4 separate pensions, funded by salsac and after tax contributions with 4 different pension companies.
Total contributions are below the 40k limit, so its just "the paid in more than I've earned" limit I've exceeded
I appreciate I need to talk to pension company but would be helpful to know what kind of solution I should be aiming for...
Thanks for any advice

zagfles

Why do you think you've paid in too much? Why do you think company workplace contributions matter? Other than, if sal sac, they reduce your income?

Give full figures, it sounds like you don't understand the rules. But if you did pay in over your relevant earnings, you can get a refund. 

princeofpounds

Also, assuming you have no carry forward allowance?

zagfles

princeofpounds said:

Also, assuming you have no carry forward allowance?

What do you think carry forwards has to do with this? OP has already said he's "below the £40k limit", so the annual allowance isn't an issue. Assuming the OP is correct, and not in a DB scheme or subject to the MPAA etc.

Ciprico

Thanks Zagfles

                                          

zagfles

What's the "workplace pension" - is that an employer contribution?

Is it to a DC pension (ie a money purchase pension, rather than a DB - like a final salary or CARE scheme)?

How is it taken, does it reduce your taxable income?

What's the "total taxable to date" on your last payslip of the year? Is the "£36k gross" before or after the sal sac?

Ceme3000

Contributions through salary sacrifice count as employer contributions not employee.

Ciprico

zagfles said:

What's the "workplace pension" - is that an employer contribution?

Is it to a DC pension (ie a money purchase pension, rather than a DB - like a final salary or CARE scheme)?

How is it taken, does it reduce your taxable income?

What's the "total taxable to date" on your last payslip of the year? Is the "£36k gross" before or after the sal sac?

Workplace pension is the minimum pension my company was obliged to set up a couple of years ago...
It's listed on payslip as a deduction along with PAYE tax and NI

zagfles

123mat123 said:

zagfles said:

What's the "workplace pension" - is that an employer contribution?

Is it to a DC pension (ie a money purchase pension, rather than a DB - like a final salary or CARE scheme)?

How is it taken, does it reduce your taxable income?

What's the "total taxable to date" on your last payslip of the year? Is the "£36k gross" before or after the sal sac?

Workplace pension is the minimum pension my company was obliged to set up a couple of years ago...
It's listed on payslip as a deduction along with PAYE tax and NI
Salsac not mentioned on payslip
"total taxable to date" will be about 36k gross. (not got final payslip yet but will be this to within a few hunderd pounds).
Salary was @ 70k before started salsac a few years ago

Then you're nowhere near breaching the limit. The "100% of earnings limit" is a limit on tax relief and just applies to your contributions, not employer contributions. Sal sac conts are employer conts.

Presume the other £10k of sal sac is for non pension stuff (rather than a miscalc of your pension conts?)

zagfles

123mat123 said:

Zagfles,
Thanks for clarifying - but I don't understand your last sentence, where is the £10k hole in my calculations...

You said salary was £70k before sal sac, and you sal sac'ed £24 k into the pension, that leaves £46k, but your taxable is £36k ?

Ciprico

zagfles said:

123mat123 said:

Zagfles,
Thanks for clarifying - but I don't understand your last sentence, where is the £10k hole in my calculations...

Thanks very much for your help with this...(missing 10k was part "bike to work scheme" part rounding off and part bad maths..)