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How Much can I pay into my Pension per Month
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Since you are taking a DB (final salary) pension, you do not trigger the MPAA, so your annual contribution limit is 40k, not 4k.
So for you personally, the upper restriction will be your salary (pension doesn't count) of 37,500. But that includes the contribution from your employer and the taxman. You can pay in3/4 x 37,500 = 28,125. The taxman will add the rest.
27,900 / 12 = 2343/month, minus 170 paid by your employer = 2173/mth
Actual answer is 2330. See the two posts below0 -
Secret2ndAccount said:Since you are taking a DB (final salary) pension, you do not trigger the MPAA, so your annual contribution limit is 40k, not 4k.
So for you personally, the upper restriction will be your salary (pension doesn't count) of 37,500. But that includes the contribution from your employer and the taxman. You can pay in 3/4 x 37,500 = 28,125. The taxman will add the rest.
27,900 / 12 = 2343/month, minus 170 paid by your employer = 2173/mth1 -
You are of course correct. Sorry
37500 x 0.8 = 30000
30000/12 = 2500
2500 - 170 = 2330
1000 apologies. I was staring at it after I posted, saying "something isn't right", but my brain must be having the day off, and I couldn't see it.
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