Calculate lump sum pension contributions

flopsy1973

Hi 
Not sure how to go about adding to my work pension. I want to contribute as much as I can basic rate tax and have company scheme which is salary sacrifice. Can I pay just up to basic salary or or my total earnings last year ? 
Do I deduct my or employers contribution. ? 
Can I use previous years allowances?
Is there calculators or guides out there ?
Thanks

MX5huggy

Approximately how much do you earn? The answer for someone on £25k is different from someone on £100k. 

If you’re paying via Salary Sacrifice then the limit on contributions will likely be that your gross pay must remain above National Minimum Wage £10.42 per hour from April. You could make further contributions to a SIPP not using Salary Sacrifice.

flopsy1973

Is it total earnings or salary  ?
Planning to add the lump sum myself to my company pension not through the company wanted to avoid opening a SIPP unless there is a reason not thought about. ? 

MX5huggy

As you have the option of Salary Sacrifice you want to use that. Saves the NI on top of the tax. But you’re limited by the NMW rule. 

Total Earnings (from work) before and after the current Salary Sacrifice. 

flopsy1973

Can I do that with big lump sum if I am already paying monthly into my work plan. My work pension is with Aegon? I will get my salary figures to see 

flopsy1973

My net earnings to date this year 29,511
my gross earnings 38017
my employers pension 7589
My base salary is 27750
so what is the maximum i can contribute

flopsy1973

Any advice on this

Albermarle

flopsy1973 said:

My net earnings to date this year 29,511
my gross earnings 38017
my employers pension 7589
My base salary is 27750
so what is the maximum i can contribute

Your net earnings are not relevant.
What are your gross earnings after salary sacrifice? £38017?

What do you mean by 'employers pension' is this how much they are paying into your pension each year ( includes your salsac and their contribution ) ?

flopsy1973

38017 is gross salary 
7589 is salsac and employers contribution 
So I presume gross earnings after salsac would be 30248? 
Thanks

flopsy1973

From what I have worked out can contribute 29% salary into salsac. If I want to put additional lump sum directly myself into it is there limit allowance there ? 
Is what I'm doing sensible ? 

flopsy1973

Can someone confirm my calculations that I can put 30k into my pension using carry forward not sure if I'm doing this right thanks
Basic rate tax payers
Year end 23
Earnings 38017
Pension 7585

22
Earnings 32642
Pension 4584

21
Earnings 29521
Pension 4229