Should I pay taxable redundancy cash into pension?

Christians

Hi

I will soon be made redundant & need some advice please. 

I am 43 & currently have a personal pension pot of around £150k. My redundancy will be £94k. 

My questions are:

First £30k tax free?
Can I put the following £40k in to my pension? 

Remaining £24k taxable at 40% but can I claim 20% from the tax man if I dont work for a year? 

My partner & I are thinking of moving abroad. 

Any advice would be great. 

Thanks. 

moedeeb

You can only put money in your pension if you have earned it in the tax year in question. If you exceed the annual allowance of 40K you can use any underpayment (less than 40K) from the previous 2 tax years. You will therefore need to make sure that whatever you add to a pension is not greater than your earnings in the tax year where you add the money. You should be able to pay in more than 40k if you have unused annual allowance from previous years but you need to include your current year existing pension payments in any calculation.

getmore4less

if you plan to not work(or claim contribution JSA) then look at the P50.