Moving Pension now I've left the company + tax efficient contributions?

6022tivo

Just a quickie.. 

I've been salary sacrificing the vast majority of my salary into a Aviva Pension via the company I work for. It's got a decent sum going which is great. 

I went along with the sales person who came into the business a while back and went for the default safe fund they recommend on a decent low fee (apparently)
It was the Aviva My Future Growth fund??? 
(I've no idea)

I can log in and move it around to all sorts of funds and options if I want, but was recommended to leave it in that as the fees are reasonable, and it performs well?? 




The situation I am in now is....

I have left the company, so I don't see the need to stick to Aviva (unless they are good). 


So questions... 
Now I have left the company do I lose access to this fund on the cheap rate? 
It was a while back, and I may have heard this fund and fee was only whilst I was working for the company (Could be very wrong)..

Is it worth me moving it away to somewhere else, and if so? Where may be better??

I do have a vanguard account (ISA) and was told they can be a good move? 

Also. Is there a way of paying cash in to it now directly and getting some tax back somehow?
I believe I can contribute directly, and claim some tax back from the HMRC, but have no idea of the process. I don't want to do a self assessment. 

Thanks in advance! 

Dazed_and_C0nfused

Also. Is there a way of paying cash in to it now directly and getting some tax back somehow?
I believe I can contribute directly, and claim some tax back from the HMRC, but have no idea of the process. I don't want to do a self assessment

Do you pay tax above the basic rate?  If not you won't be able to get "tax back" from HMRC.

But you would get 25% added to any eligible personal contribution you make (which equates to 20% of the gross contribution). 

This isn't something you get with salary sacrifice contributions as they are actually employer contributions so no pension tax relief is due.

MallyGirl

Aviva are fine - they are just a wrapper for whatever investments you choose.
You would need to ask Aviva if they still offer the preferential rates to ex employees. If not then you have the option of transferring the pot to another provider but you will need to work out which is best for you - size of pot, choice of funds, whether you want to DIY?
Vanguard are cheap but you can only hold Vanguard funds in a Vanguard pension so that might limit your options. Less of an issue if you have a small pot maybe but if you have built up £100k plus then there are probably better choices.
As a 20% tax payer you can put money in and it gets the tax rebate applied automatically. Is there a reason you don't just increase contributions to your new workplace pension?

6022tivo

Thanks for the comments so far. 

I'm a basic 20% tax payer.
My Aviva pension is double what's been mentioned. Would be interested in the better choices. 
I'm 7 years away from being able to "dip" into it. 

In a temporary job at the moment so have no pension options and taking a year or so off from serious work so can't get the company contributions.

After salary sacrifice I predict I'll earn for taxable purposes around £19k this financial year.  So... I can just load up Aviva and pay in somehow and somewhere down the line a boost of 25% will be added to it?? 
Does this have to clear Aviva before the end of the financial year? 
With my taxable earning being £19k. I'm assuming I can only contribute a max pay in of 6.5k?? 

If correct, I think this is a good idea... I think.... 


Still questioning if Aviva is the right place??

xylophone

https://www.thepensionsregulator.gov.uk/en/employers/new-employers/im-an-employer-who-has-to-provide-a-pension/work-out-who-to-put-into-a-pension/employing-seasonal-or-temporary-staff

Are you sure that you have no pension options in your temporary job?

6022tivo

xylophone said:

https://www.thepensionsregulator.gov.uk/en/employers/new-employers/im-an-employer-who-has-to-provide-a-pension/work-out-who-to-put-into-a-pension/employing-seasonal-or-temporary-staff

Are you sure that you have no pension options in your temporary job?

Technically they do put something in a pension scheme I've not heard about that I will transfer or get rid of after I leave. 

xylophone

Technically they do put something in a pension scheme I've not heard about that I will transfer or get rid of after I leave. 

Technically?

Well either they do or they don't!

a pension scheme I've not heard about 

Could you name it? Somebody on the Boards might have done....

or get rid of 

Why and how?

6022tivo

See below. 


That's all I've had from them. No wages slips, no idea of what contributions. It's a casual 3 month contract on a low wage. I'm not too bothered with it tbh.  

Please find attached confirmation of your Auto Enrolment Postponement letter in line with government guidelines (password to follow)

 

If you have any further query you can also follow the link to the Nest guidance surrounding work place pensions and what they mean to you.

 

Nest Pensions

 

Please note this is our current Auto Enrolment provider.

QrizB

6022tivo said:

Please find attached confirmation of your Auto Enrolment Postponement letter in line with government guidelines (password to follow)

If you've postponed auto enrollment, you haven't enrolled in the scheme and won't be receiving any pension contributions from your employer?

Albermarle

With my taxable earning being £19k. I'm assuming I can only contribute a max pay in of 6.5k?? 

Not sure where the £6.5K comes from ?

You can add up to £19K gross. This means you can add £15,200 and Aviva will add £3,800 in tax relief ( which they get back from HMRC)

6022tivo

Albermarle said:

With my taxable earning being £19k. I'm assuming I can only contribute a max pay in of 6.5k?? 

Not sure where the £6.5K comes from ?

You can add up to £19K gross. This means you can add £15,200 and Aviva will add £3,800 in tax relief ( which they get back from HMRC)

I was thinking it is like a tax rebate back from HMRC. 
As I've only paid tax on 6.5K of my salary this year assumed this is all I could contribute and therefore get 20% back into my pension from the HMRC?