Overpaid my pension!

zagfles

HarryGray said:

zagfles said:

Answer the question. It's still unclear. Is it before or after your sal sac? What are your P60 earnings?

Having looked at my P60 it looks like my pay is significantly lower, around £27,000 

So your gross earnings were £27k then. Your salary was £36k and you sacrificed £9k in exchange for employer pension contributions of £9k.

So you can only get tax relief on £27k gross of personal pension contributions.

You can ask the pension provider for a refund of the excess, as I expained to you in this thread https://forums.moneysavingexpert.com/discussion/6057444/exceeding-annual-allowance

HarryGray

zagfles said:

HarryGray said:

zagfles said:

Answer the question. It's still unclear. Is it before or after your sal sac? What are your P60 earnings?

Having looked at my P60 it looks like my pay is significantly lower, around £27,000 

So your gross earnings were £27k then. Your salary was £36k and you sacrificed £9k in exchange for employer pension contributions of £9k.

So you can only get tax relief on £27k gross of personal pension contributions.

You can ask the pension provider for a refund of the excess, as I expained to you in this thread https://forums.moneysavingexpert.com/discussion/6057444/exceeding-annual-allowance

Thanks, as explained earlier in this thread Standard Life have told me they cannot do that unless HMRC contact me with how much I owe them. I then call HMRC who don't know how much I owe them. 

zagfles

HarryGray said:

zagfles said:

HarryGray said:

zagfles said:

Answer the question. It's still unclear. Is it before or after your sal sac? What are your P60 earnings?

Having looked at my P60 it looks like my pay is significantly lower, around £27,000 

So your gross earnings were £27k then. Your salary was £36k and you sacrificed £9k in exchange for employer pension contributions of £9k.

So you can only get tax relief on £27k gross of personal pension contributions.

You can ask the pension provider for a refund of the excess, as I expained to you in this thread https://forums.moneysavingexpert.com/discussion/6057444/exceeding-annual-allowance

Thanks, as explained earlier in this thread Standard Life have told me they cannot do that unless HMRC contact me with how much I owe them. I then call HMRC who don't know how much I owe them. 

I would write to them. Quote the pension tax manual page I referenced in the last thread. Ask what other evidence they need (eg the P60 etc).

It's not a usual situation, they (both the pension provider and HMRC call centre operative) probably have never dealt with anything like this before. If you write it gives them a chance to look at the rules, ask for assistance etc.

Try the pension provider first. Ask exactly what they need. Then if necessary write to HMRC.

Paul_Herring

An employee can only contribute up to their annual earnings in the tax year in question and therefore if they earn under 40k, they cannot carry forward previous years to contribute more than 40k

It's my understanding the £40K limit for using carry-forward is the total of employer and employee contributions plus any tax relief. Not just the last two. But it seems it doesn't apply here anyway...

Your problem appears to be that you've exceeded your personal contribution by going over your gross wage (£27K gross, £36K contributed,) and taking the subsequent employer contribution into account (£9K), that total hasn't reached £40K (£9K+£27K=£36K)

The over-contribution would appear, on that basis, to be around and about £9K.

garmeg

HarryGray said:

zagfles said:

Answer the question. It's still unclear. Is it before or after your sal sac? What are your P60 earnings?

Having looked at my P60 it looks like my pay is significantly lower, around £27,000. Although I did change employment and had 3 months employment recorded elsewhere, not sure if that's included in the 27k. 

You should get a P60 from your other employment as well - those earnings won't be in that P60 (not in my experience anyway) unless that employment is also listed there.