Annual £60000 pension tax allowance?

BattyJ

I have 3 questions related to the annual pension contribution allowance of £60,000.

Firstly is the made up of my contributions to a my pension, or does it also include pension payments made by my company towards my pension?

Secondly, I am a 40% tax payer and I receive my pension contributions topped up by 25% to give the 20% tax rate gross contribution. Ie I put in £80 and I receive £100 into my pension. Is it the £80 that comes off my £60,000 allowance or the grossed up £100?

Thirdly when I reclaim the extra 20% of my 40% tax rate back on contributions does that also come off the £60000, or only if I add it to the pension pot myself?

Thanks everyone

NoMore

Yes includes all contributions to pension from all sources, so employer's count

The £100

No, only what ends up in the pension

MX5huggy

Your contributions, company contributions, tax relief added to the pension all count. Basically all new money put into the pension. 

Remember you have carry forward if you need it, but you need the income this year to cove it. You can’t make £100k of contributions if your earn £80k.

Not the additional tax relief (unless you added that).

This is for a DC pension pension if it’s a DB pension then all bets are off it’s complicated as growth in value is also counted. 

Dazed_and_C0nfused

BattyJ said:

I have 3 questions related to the annual pension contribution allowance of £60,000.

Firstly is the made up of my contributions to a my pension, or does it also include pension payments made by my company towards my pension?

Secondly, I am a 40% tax payer and I receive my pension contributions topped up by 25% to give the 20% tax rate gross contribution. Ie I put in £80 and I receive £100 into my pension. Is it the £80 that comes off my £60,000 allowance or the grossed up £100?

Thirdly when I reclaim the extra 20% of my 40% tax rate back on contributions does that also come off the £60000, or only if I add it to the pension pot myself?

Thanks everyone

Firstly = both

Secondly = £100

Thirdly = There is no fixed extra 20%< the additional relief depends entirely on your overall tax position.  You could be a higher rate payer, contribute thousands and only receive pennies in higher rate relief.  Any higher rate relief is a personal tax saving and isn't part of your annual allowance as it doesn't go into your pension.

BattyJ

Thank you all.
I do have the income to cover it, just trying to figure the point at where I put into the ISA pot after filling the pension allowance.