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Contributing to a pension after retirement - despite exceeding LTA
fizio
Posts: 462 Forumite
I asked a question as part of a different thread but having done one more research I thought it best to start a new thread.
I took a db and dc pension last year and was over LTA so paid the excess charges etc and all sorted. My understanding at the time was that I could not pay into a new personal pension (from working) at all as LTA was breached. I believe that if LTA was not breached I could contribute upto 4k. I am now not sure this is accurate?
What got me started was a thread on 'small pots' and that they didn't seem to factor in MPAA or LTA so theoretically I can start upto 3 pensions and build upto 10k before taking them? Again this is unclear as all the literature talks about small pots before retirement rather than after. They also seem to suggest that small pots have to be in a 'workplace/occupational scheme' and am not sure what that means. In my case it will simply be a vanguard SIPP with contributions from me and my own ltd company.
I'm not sure trying to do this, if its all very complicated and likely to need specialist advise, is worth the effort as my starting point was that I am done with pensions. Still, its interesting enough to do some research hence this post..
I took a db and dc pension last year and was over LTA so paid the excess charges etc and all sorted. My understanding at the time was that I could not pay into a new personal pension (from working) at all as LTA was breached. I believe that if LTA was not breached I could contribute upto 4k. I am now not sure this is accurate?
What got me started was a thread on 'small pots' and that they didn't seem to factor in MPAA or LTA so theoretically I can start upto 3 pensions and build upto 10k before taking them? Again this is unclear as all the literature talks about small pots before retirement rather than after. They also seem to suggest that small pots have to be in a 'workplace/occupational scheme' and am not sure what that means. In my case it will simply be a vanguard SIPP with contributions from me and my own ltd company.
I'm not sure trying to do this, if its all very complicated and likely to need specialist advise, is worth the effort as my starting point was that I am done with pensions. Still, its interesting enough to do some research hence this post..
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