Annual Allowance remaining calculation

furpho
furpho Forumite Posts: 1 Newbie
edited 21 August at 10:17AM in Pensions, annuities & retirement planning
Hi,  i'm trying to work out my remaining annual allowance to open a sipp for some inheritance.

I've done the calculation for 23/24 defined benefit contribution (nhs) from HMRC site which for simplicities sake lets round up to = £14,000.  As my salary is £44,000 does this leave £30,000? allowance which i can contribute £24,000 and gov will top up 25% with £6,000?

(I'm assuming my nhs contribution of £14,000 as calculated by HMRC doesn't need a 25% adjustment?)

Comments

  • Albermarle
    Albermarle Forumite Posts: 18,760
    10,000 Posts Fifth Anniversary Name Dropper
    Forumite
    Probably best to repost on the Pensions board. Your calculation looks OK but I am not 100% sure about the NHS side.
  • ispookie666
    ispookie666 Forumite Posts: 1,145
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    edited 19 August at 9:26AM
    If you have enough carry forward from the previous years, you do not need to worry about it. 
    The other factors to consider is your growth in 1995 and 2008 pension if you are a qualifying member of those schemes as they would be part of your Annual allowance. 
    “Don't raise your voice, improve your argument." - Desmond Tutu

    System 1 - 14 x 250W SunModule SW + Enphase ME215 microinverters (July 2015)
    System 2 - 20 x 330W Jinko Panels + Enphase IQ7+ microinverters (Jan 2022) + Givenergy AC Coupled inverter + 2 * 8.2KWh Battery (May 2022) + Mitsubishi 7.1 KW and 2* Daikin 2.5 KW A2A Heat Pump
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 338.9K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.8K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 171.1K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards