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Transfer Pension Fund
patchjnr
Posts: 1 Newbie
Hi team,
Simple question, do I get basic tax relief on the transfer of an old workplace pension fund into my current workplace pension? The old workplace pension fund is with Tfl and well below the yearly tax threshold of £40000 and I currently save around £3500 pa into my workplace pension.
Simple question, do I get basic tax relief on the transfer of an old workplace pension fund into my current workplace pension? The old workplace pension fund is with Tfl and well below the yearly tax threshold of £40000 and I currently save around £3500 pa into my workplace pension.
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Comments
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You already got the tax relief when you paid into the old workplace pension fund. Just to confirm, are you referring to the Additional Voluntary Contributions (AVCs) section in this case?0
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Simple question, do I get basic tax relief on the transfer of an old workplace pension fund into my current workplace pension?No. It is already in a pension. You don't get tax relief every time you move it between providers. Otherwise everyone would spend their whole time transferring from one to another to another to another......
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.0 -
The old workplace pension fund is with Tfl
Is this a Defined Benefit Pension?
If so, what is the transfer value of the benefits?
Is your current workplace pension a Defined Benefits pension?
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