Unemployed Pension Contributions

Malibusmash

Can someone advise please? 

I only had gross salary earnings this tax year from April to 3rd May, having now left the job and I was in a salary sacrifice scheme, so contributed to my workplace pension for that period.  

On the assumption that I do not have any other employment for the rest of this current tax year, how much do I now have left to contribute?  Am I allowed to contribute the £2880 (to then be grossed up to £3600 in tax relief) on top of what I have already contributed?

Thanks for your help.

Dazed_and_C0nfused

Malibusmash said:

Can someone advise please? 

I only had gross salary earnings this tax year from April to 3rd May, having now left the job and I was in a salary sacrifice scheme, so contributed to my workplace pension for that period.  

On the assumption that I do not have any other employment for the rest of this current tax year, how much do I now have left to contribute?  Am I allowed to contribute the £2880 (to then be grossed up to £3600 in tax relief) on top of what I have already contributed?

Thanks for your help.

You haven't contributed anything so far.

You agreed to a reduced salary in return for additional employer contributions.

What does/will your P45 show your taxable earnings as for the current tax year?

JoeCrystal

You can still contribute up to your gross pay for the year.

No, it is either your gross pay or £3600, whichever is the higher. You do not "add" £3600 on top of your contribution.

Sarahspangles

Malibusmash said:

Can someone advise please? 

I only had gross salary earnings this tax year from April to 3rd May, having now left the job and I was in a salary sacrifice scheme, so contributed to my workplace pension for that period.  

On the assumption that I do not have any other employment for the rest of this current tax year, how much do I now have left to contribute?  Am I allowed to contribute the £2880 (to then be grossed up to £3600 in tax relief) on top of what I have already contributed?

Thanks for your help.

It may be worth checking whether you will have enough NI contribution/credit to fund this year’s state pension as that has such a good payback.

Malibusmash

Thanks Dazed, my 'Year To Date Taxable Pay' on my final payslip reads £2,299.66.  How much then do I have left to contribute net please for the rest of this tax year?

Triumph13

The max you can contribute is the higher of your total taxable pay or £3,600, less anything YOU rather than your employer have contributed

Double check the pension section on your payslip to make sure that ALL of the contributions are employer's ones - some schemes have a minimum contribution being employee's and only everything above that being salary sacrifice.  If any of the contributions are marked as Ees rather than Ers then you need to deduct them.