re-invest tax free lumpsum in new pension

1066Andrew

My original company pension closed a few years ago and I started with the new scheme.  Two years ago I took the pension and tax free lump sum from the orginal scheme, which lumpsum was invested. I've now retired but have not touched the smaller Standard Life new scheme pension and they say I can still put money into it, and for every £80 I put in, the tax man will put in £20.  Could I withdraw all my investment and put that into the new scheme and get the extra 25% from the taxman?

NottinghamKnight

You are limited to qualifying earnings, so salary or similar, that is likely to be the limit on your contributions, though you can put in a gross contribution of £3600 and get tax relief on that. 

LHW99

NottinghamKnight said:

You are limited to qualifying earnings, so salary or similar, that is likely to be the limit on your contributions, though you can put in a gross contribution of £3600 and get tax relief on that. 

I think that means you would pay in £2880 and the tax relief would make it up to £3600, if you are not now working.

Albermarle

You probably should have done it before you retired and still had taxable earnings .

Marcon

Albermarle said:

You probably should have done it before you retired and still had taxable earnings .

That would have given added headroom, but if OP wanted to invest the whole of the lump sum (and I think that's what they are saying), it could well have fallen foul of the recycling rules.

1066Andrew

thanks all for your comments, the total per year with no income is £3600 as has been mentioned.