Second pension question

JusinScot

Hi,

I got my bonus at the end of Jan. I was charged 40% tax. My company pension fund can only let me add money from my salary, they don't want to take a payment from me.

Can I start a second pension, add a portion of my bonus and claim back the tax? 

Thank you 

NoMore

yes

Although you haven't got much time left this tax year to do it

ColdIron

You don't say what sort of pension you have but in broad terms yes. You could open a SIPP (Self-Invested Personal Pension) and pay into that. The pension company would automatically add 20% basic rate relief and you would claim the other 20% from HMRC

JusinScot

ColdIron said:

You don't say what sort of pension you have but in broad terms yes. You could open a SIPP (Self-Invested Personal Pension) and pay into that. The pension company would automatically add 20% basic rate relief and you would claim the other 20% from HMRC

Thank you. Any recommendations for an easy/quick to setup sipp? 

QrizB

JusinScot said:

ColdIron said:

You don't say what sort of pension you have but in broad terms yes. You could open a SIPP (Self-Invested Personal Pension) and pay into that. The pension company would automatically add 20% basic rate relief and you would claim the other 20% from HMRC

Thank you. Any recommendations for an easy/quick to setup sipp? 

If speed is important, IIRC you can open a Vanguard pension in a single day.

https://vanguardinvestor.co.uk/

Once you've got the money inside a pension wrapper,. you can move it to a different provider if Vanguard's funds don't appeal.

MX5huggy

The only one I have experience of is Vanguard, very easy to open and invest think it was all done in hours. It’s cheap (ideal for small pots, sub £20k) there’s no trading fees (if you let them do the trading when they like). Only Vanguard funds available so strictly speaking not a SIPP. 

Albermarle

I have also opened SIPP's with AJ Bell, HL and Fidelity in a matter of hours.
Then you can pay in by debit card and job done.

C4rlos12345678

+1 HL very easy to open online