We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
3 yr cfwd query - vanguard pension
Mick70
Posts: 777 Forumite
Hello all,
quick query .
wife has a vanguard pension (sipp?)
earns about £12k pa and we get maybe 10k pa into it , including the tax relief they add .
quick query .
wife has a vanguard pension (sipp?)
earns about £12k pa and we get maybe 10k pa into it , including the tax relief they add .
Can I use the 3 year rule to pay an additional amount in this year Or am I limited by what her earnings will be in 22/23 ?
thanks any advice
mick
thanks any advice
mick
0
Comments
-
Can I use the 3 year rule to pay an additional amount in this year Or am I limited by what her earnings will be in 22/23 ?No, you cannot unless employer contributions are possible or she is going to earn over £40,000 in this year.
If no employer contribution is possible, then £12,000 is the maximum contribution that can be made (And obtain tax relief)
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
If she earnt £12.5K , she could add £10K .
In theory she could add more and not get tax relief, but that is not very sensible as it will still be taxed on the way out .1 -
Thanks all0
-
Back to the drawing board 😆😆0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards