Second pension question

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 

Comments

  • NoMore
    NoMore Posts: 1,074 Forumite
    First Post First Anniversary Name Dropper
    edited 20 March at 7:35PM
    yes

    Although you haven't got much time left this tax year to do it
  • ColdIron
    ColdIron Posts: 9,000 Forumite
    First Anniversary Name Dropper Photogenic First Post
    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
    JusinScot Posts: 46 Forumite
    First Anniversary Name Dropper First Post
    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
    QrizB Posts: 13,822 Forumite
    First Anniversary First Post Photogenic Name Dropper
    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.
    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.

    N. Hampshire, he/him. Octopus Go elec & Tracker gas / Shell BB / Lyca mobi. Ripple Kirk Hill member.
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  • MX5huggy
    MX5huggy Posts: 6,845 Forumite
    Name Dropper First Post First Anniversary
    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
    Albermarle Posts: 21,979 Forumite
    First Anniversary First Post Name Dropper
    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
    C4rlos12345678 Posts: 21 Forumite
    First Post Name Dropper
    +1 HL very easy to open online
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