Employer/Private Pension and CMS

Mr_GoldMine
Mr_GoldMine Posts: 63
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edited 7 August 2020 at 11:12AM in MoneySaving dads
Hello need some advice please
I am 39 years old, 40 next year, have one child
Currently gross is 35k. I pay 5%, employer pays 3% into pension, has  this been taken into account for CMS calculation since it started 2 years ago.
my employer pension started in 2015, i was 34/35 at the time.
As far as CMS is concerned, how much am i allowed to pay into a pension (a. via employer or b. privately).
question is can i increase it, off course I can!
but by how much?

Comments

  • BAFE
    BAFE Posts: 267
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    You are allowed to pay as much as you like into your pension fund (well up to £1 million i think although obviously this doesn't affect most people).  It doesn't make any difference whether its a public or a private pension.
  • kangoora
    kangoora Posts: 1,193
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    You can pay up to £40k/year or the maximum of your taxable income (there are some rules around carry-forward but won't apply to you with a £35k income). Paying extra into a pension reduces your taxable income so, I presume, you could ask for a CMS re-assessment? In terms of how much you can increase your pension before they start looking at if you are just trying to avoid payments then this FOI document may help.


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