CSP Pension Purchase

berbatov10

Hi all. I am currently working in a part time role with Office For National Statistics

I am looking at purchasing additional pension by putting in £300/month

Am I correct in thinking to put in £300/month will actually cost me £250 ( 20% tax payer) or do I have to claim tax relief from HMRC

Dazed_and_C0nfused

Will the payment be via monthly payroll i.e. it is taken from your pay or will you be paying it direct to ONS?

berbatov10

Via payroll

Dazed_and_C0nfused

Then you will automatically receive the maximum possible tax relief via your payslip each time you make a payment.

There is no more tax relief to claim and you don't tell HMRC about these contributions.

MakingUpGround

Dazed_and_C0nfused said:

Then you will automatically receive the maximum possible tax relief via your payslip each time you make a payment.

There is no more tax relief to claim and you don't tell HMRC about these contributions.

I assume this is the same for additional pension purchased via payroll for the NHS scheme? 
So if I purchased £100 additional pension it would actually only cost me £80 in real terms? 

Dazed_and_C0nfused

MakingUpGround said:

Dazed_and_C0nfused said:

Then you will automatically receive the maximum possible tax relief via your payslip each time you make a payment.

There is no more tax relief to claim and you don't tell HMRC about these contributions.

I assume this is the same for additional pension purchased via payroll for the NHS scheme? 
So if I purchased £100 additional pension it would actually only cost me £80 in real terms? 

Quite possibly.

But there is no set amount of tax relief with this type of contribution.

If your only taxable income was from this NHS employment and it was,

£8,000 - you would see no tax saving

£20,000 - you would pay £20 less tax

£70,000 - you would pay £40 less tax

It is only "relief at source" contributions which attract a fixed 20% amount of tax relief.