Workplace pension -cancel or leave?

discat11

Yes, very good advice, I am pleased I asked. I have spoken to an investment/pensions advisor also (since) who said the same! 

Albermarle

One thing to look out for is how to make sure you get the extra/40% tax relief.
If your pension contributions from your salary come out before tax or it is salary sacrifice scheme, then you get it automatically as the contributions go into your pension before they are taxed at all.
If it is a 'relief at source ' scheme , the contributions come from your taxed/net pay. The pension provider adds basic rate tax relief but you have to claim the higher rate tax relief back from HMRC . In this case it goes back in your pocket/net pay rather than directly into the pension.

discat11

Albermarle said:

One thing to look out for is how to make sure you get the extra/40% tax relief.
If your pension contributions from your salary come out before tax or it is salary sacrifice scheme, then you get it automatically as the contributions go into your pension before they are taxed at all.
If it is a 'relief at source ' scheme , the contributions come from your taxed/net pay. The pension provider adds basic rate tax relief but you have to claim the higher rate tax relief back from HMRC . In this case it goes back in your pocket/net pay rather than directly into the pension.

Very good advice, as I noted this earlier in the year ready for my self assessment in April.
I haven't reclaimed it before so I have around 5 years worth of contributions possibly eligible.

Dazed_and_C0nfused

discat11 said:

Albermarle said:

One thing to look out for is how to make sure you get the extra/40% tax relief.
If your pension contributions from your salary come out before tax or it is salary sacrifice scheme, then you get it automatically as the contributions go into your pension before they are taxed at all.
If it is a 'relief at source ' scheme , the contributions come from your taxed/net pay. The pension provider adds basic rate tax relief but you have to claim the higher rate tax relief back from HMRC . In this case it goes back in your pocket/net pay rather than directly into the pension.

Very good advice, as I noted this earlier in the year ready for my self assessment in April.
I haven't reclaimed it before so I have around 5 years worth of contributions possibly eligible.

You can only ever claim tax relief for the tax year you made the contribution in.

So you can only include relief at source contributions made in 2020:21 on your 2020:21 Self Assessment return.