On the verge of High Rate Tax and child benefit charges

MFW2020

Thank you for this great forum, I have spent time reading a lot of existing threads and I think I am in the right place.
Would anyone be so kind as to check my understanding.
My gross income just increased to £58,800.  Prior to this, my pension contributions had kept me just below the £50k mark but this promotion has tipped me over.
My pension contributions at source are £5,100 pa.  I think I can "gross up" these to £6,120 (By adding 20%)
So £58,800 - £6,120 = £2,680
In order to get my Adjusted Net Income below £50k, I can invest this £2,680 into my pension and therefore can keep hold of 100% the child benefit I receive. (1 child)
It looks like I can easily set up a regular AVC to my pension (LGPS)  not sure if that is the best option - I will do some more research.
But essentially - am I doing this right?
I think another option is the Cycle to Work Scheme which my employer is currently promoting.  I'm not aware of any other ways to reduce my ANI.
I do understand that retirement is a long way off for me (Another 30 years!!!) so I have that in my mind too.
Any encouragement or ideas welcome Thank you

Dazed_and_C0nfused

My pension contributions at source are £5,100 pa.  I think I can "gross up" these to £6,120 (By adding 20%)

It would be 25%, not 20%.  

But rather than assume this you should check if your pension contributions are being made under a net pay arrangement i.e. your taxable pay would be reduced by £5,100, or relief at source (where basic rate tax relief is added by the pension company).

Until you know this you cannot get the right answer.

greatkingrat

He mentions the LGPS in which case it must be net pay arrangement.

zagfles

Gift aid is another way to reduce ANI. As well as pure charity donations, you can get gift aid on all sorts of activities/days out eg zoos, castles, national trust etc.

xylophone

LGPS standard pension contributions - net pay - contribution taken before tax.

If you go with regular contributions to the AVC, these, too, are taken before tax.

If you choose a personal pension/SIPP/stakeholder, ( relief at source) you make a payment net of tax and the provider claims basic rate tax relief - any higher rate tax has to be claimed through HMRC.

https://www.litrg.org.uk/latest-news/news/181214-do-you-understand-how-tax-relief-your-pension-contributions-works