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Pension Fund charges and Tax

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When assessing pension contributions for Self Assessment

- Can you reduce the fund and maintenance charges from the amount contributed?

For example Annual contribution £60k.
- One of the funds charges a contribution charge for each deposit, and is taken from contribution. Is that deductible from the amount contributed when it comes to the £60,000? 

- Also are ongoing maintenance charges in a fund deductible from the annual £60,000? Another fund makes a charge for the ongoing maintenance but I pay that separately via DD and it doesn't come from the fund itself.

Comments

  • Albermarle
    Albermarle Posts: 28,023 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    BattyJ said:


    When assessing pension contributions for Self Assessment

    - Can you reduce the fund and maintenance charges from the amount contributed?

    For example Annual contribution £60k.
    - One of the funds charges a contribution charge for each deposit, and is taken from contribution. Is that deductible from the amount contributed when it comes to the £60,000? 

    - Also are ongoing maintenance charges in a fund deductible from the annual £60,000? Another fund makes a charge for the ongoing maintenance but I pay that separately via DD and it doesn't come from the fund itself.

     Can you reduce the fund and maintenance charges from the amount contributed?

    I assume not.

    One of the funds charges a contribution charge for each deposit, 

    That is pretty unusual nowadays.

    Another fund makes a charge for the ongoing maintenance but I pay that separately via DD and it doesn't come from the fund itself.

    That is also unusual. Normally funds pay themselves, and there is no way for the client to pay them directly.
    It is more common though for clients to pay platform charges directly.




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