18 months to SPA... PCLS

sgx2000

Hi Everyone...
I have read many of the tfls threads over the last couple of months...
And, I hope, have understood potential changes
But,
I will be 66..  10 days before the new tax year  i.e. very end of 2025 (March 25)

I have recently retired / been made volentary redundant.
I have a small DB pension in payment and a £125k DC pension untouched
I am 20% tax payer

As my taxable income this year (before redundancy) is reduced...
I am thinking I can, once again, add to my DC pension to get the tax relief this year (all be it a smaller tax relief due to my reduced income)

This will be my final opportunity to add to my DC pension as from april next year I will have no earned income.

Now for the crystal ball question......lol

Is there any realistic chance the potential 30% tax relief could be implemented immediately?
And 
Have I missed anything somone soo close to SPA should have considered?

MK62

It's highly unlikely that any change to tax relief on pensions would be implemented immediately......it's also debatable whether it would be feasible, in practice, to implement it by April 6th 2025......that's assuming a change is even on the cards.
It's not your final opportunity to add to your DC pension though, as anyone under 75 with no relevant earnings is allowed to contribute up to £2880pa to a DC pension (to which HMRC will add tax relief of £720, making £3600). 

In your position, I'd be inclined to wait and see what the budget brings......there's no rush to add to your pension before then, so no harm in waiting.

Dazed_and_C0nfused

I will be 66.. 10 days before the new tax year i.e. very end of 2025 (March 25)

This will be my final opportunity to add to my DC pension as from april next year I will have no earned income.

Why wouldn't you be able to continue contributing in the new tax year (and all subsequent years until you are 75) 🤔.

Contributions would be limited to £3,600 (gross) but why do you think you couldn't make those contributions?

Where have you read Labour have proposed a 30% rate of relief?  Or any other change for that matter?  Or are you referring to press speculation?

sgx2000

Dazed_and_C0nfused said:

I will be 66.. 10 days before the new tax year i.e. very end of 2025 (March 25)

This will be my final opportunity to add to my DC pension as from april next year I will have no earned income.

Why wouldn't you be able to continue contributing in the new tax year (and all subsequent years until you are 75) 🤔.

Contributions would be limited to £3,600 (gross) but why do you think you couldn't make those contributions?

Where have you read Labour have proposed a 30% rate of relief?  Or any other change for that matter?  Or are you referring to press speculation?

Lol
Just the press
But, some changes are obviously going to have to change..

I will, also obviously, use the £3600 allowance