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Tax relief on Nest pension
garyb67
Posts: 3 Newbie
Can anyone help and confirm that tax relief on a nest pension is 20% and paid into the pension fund by Hmrc and is not taken from your wages and paid into the fund (low wage earner that does not earn enough to pay tax) Thanks
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Comments
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Yes that’s how mine works with my employer who utilises NEST. You should be able to access Nest online and see your contributions plus your employers and HMRC contributions1
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Actually they should be adding 25%, not 20%.1
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How is it set up? A question for your company payroll department.
If salary sacrifice then it's gross, if relief at source then it's taxed and 25% added to it by HMRC0 -
https://www.nestpensions.org.uk/schemeweb/nest/about-pensions/tax-relief-benefits.html
Above indicates relief at source.
Even an employee who does not earn enough to pay tax will receive tax relief under this arrangement.
https://www.litrg.org.uk/tax-guides/tax-basics/do-i-have-join-pension-scheme/do-you-know-how-tax-relief-your-pension
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