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How much can i pay in?

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?

Comments

  • It's £4,000 inclusive of employer contributions and any basic rate tax relief added to your contributions.
  • Benny2020
    Benny2020 Posts: 525 Forumite
    100 Posts Second Anniversary Name Dropper
    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?
  • Grumpy_chap
    Grumpy_chap Posts: 20,688 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
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