New pension advise.

xylophone

Though she hasn't worked for most of this year. 

What are her "relevant earnings" for this tax year? Less than £3600 gross?

Rollingonandon

What kind of pension is this? Does it have any "safeguarded
The prudential pension was originally taken out as a pension mortgage about 1989. The mortgage was shifted but I kept the pension going, I didn't look at it really till a few weeks ago. I did speak to the man from the pru, he told me that there are no bonuses attached to it. But they are sending out a letter with more details. To have them look after the pension fund costs about £840 last year.

Rollingonandon

I thought that rental income would count as earnings, Especially as we are taxed on it. Without rental income at a guess it would be less.

Dazed_and_C0nfused

Not for pension contribution purposes.

If she doesn't have pensionable earnings (wages, business profits) then she is limited to paying £2,880.  Which will have £720 added by the pension company making a gross contribution of £3,600.

If she has earnings upto £3,600 the same.

Albermarle

Rollingonandon said:

What kind of pension is this? Does it have any "safeguarded
The prudential pension was originally taken out as a pension mortgage about 1989. The mortgage was shifted but I kept the pension going, I didn't look at it really till a few weeks ago. I did speak to the man from the pru, he told me that there are no bonuses attached to it. But they are sending out a letter with more details. To have them look after the pension fund costs about £840 last year.

So you should be fine to transfer it and a modern pension will give you much more flexibility in how you can take the pension.
£840 on £110K is not that bad but you can  get cheaper . Also you can pay more, so keep an eye on platform and especially investments charges.

Rollingonandon

The pru fund is £93000. £54000 is cash. The £110000 was me adding the extra for this year.

rjmachin

It may differ slightly between the pension companies, but Royal London say their deadline for contributes is the 1st April this year because of the easter weekend:
https://www.royallondon.com/existing-customers/your-products/manage-your-pension/tax-year-end/

It's probably best to do it a few days before to be on the safe side

Rollingonandon

I will hopefully set new sipp up next week. So in plenty of time.

Rollingonandon

I will hopefully set new sipp up next week. So in plenty of time.

Rollingonandon

If I set sipp up for both of us will it be ok if the money  for both sipps come from the same account. It is a joint account.