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How much can i pay in?
Benny2020
Posts: 525 Forumite
57 and been retired 2 years and taking from a drawdown at £12500 a year, also have a small SIPP and a final salary pension that pays out at 60.
Been offered a 12 month contract at £50k and that will do me then.
I will stop taking money from my drawdown and want to save as much as i can and put money back into a pension of some kind.
Its an agency job (Umbrella) and its my first time doing agency work so any advice on that would be appreciated.
What i want to know is how much can i pay into either my drawdown (Aegon) pension, my SIPP or a new pension.
I thought £4k a year was the max but didn't know whether that applied to just the pension you were drawing from or if you had stopped drawing down?
Been offered a 12 month contract at £50k and that will do me then.
I will stop taking money from my drawdown and want to save as much as i can and put money back into a pension of some kind.
Its an agency job (Umbrella) and its my first time doing agency work so any advice on that would be appreciated.
What i want to know is how much can i pay into either my drawdown (Aegon) pension, my SIPP or a new pension.
I thought £4k a year was the max but didn't know whether that applied to just the pension you were drawing from or if you had stopped drawing down?
0
Comments
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It's £4,000 inclusive of employer contributions and any basic rate tax relief added to your contributions.1
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I thought that was the case, so it doesn't matter what pension i put the money in? and my contributions would be £3200 to get the £4k ?. So can i put the £3200 in as a lump sum and put another in Next April?
What if your employer pays in more than £4k and what are the consequences of over paying?0 -
If you are working via an UC, the contributions can probably be made under SS, which is the most tax efficient way to make the £4k contributions.0
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