Pension contribution

flopsy1973

Hi
Want to make lump sum additional contribution to my pension before the budget. I am basic rate tax payer and earn 27k plus 5k on call payment so the way I understand it can I pay 32k into my pension ?
Do I need to account for my monthly pension contributions in this sum ?

Mark_d

The annual allowance in the max you can pay in during a tax year.  So yes you need to account for regular contributions, AVCs, any bonuses paid into your pension...

ColdIron

If it's a defined contribution pension you can pay in £32,000 gross this financial year. That's £25,600 from you and £6,400 tax relief. This would include include any other regular payments (and reliefs) paid and yet to be paid but not employer contributions

saverkev

You can also pay in contributions for unused allowances for the past 3 tax years

eskbanker

saverkev said:

You can also pay in contributions for unused allowances for the past 3 tax years

Only if earning more than £60K....

dunstonh

eskbanker said:

saverkev said:

You can also pay in contributions for unused allowances for the past 3 tax years

Only if earning more than £60K....

or have access to employer contributions (i.e. company director).

Albermarle

saverkev said:

You can also pay in contributions for unused allowances for the past 3 tax years

Due to the OP's salary level, unused allowances for previous years are not relevant.
For clarity you can only claim tax relief this tax year, based on your earnings this tax year.

jimjames

flopsy1973 said:

Hi
Want to make lump sum additional contribution to my pension before the budget. 

Any reason you want to rush it before the budget? As a basic rate taxpayer it is exceptionally unlikely the tax relief will be reduced so I can't see any reason to rush. It is more likely it will be increased so you'd have a much larger chunk added to your pension. Obviously would be different if you paid 40/45% tax

flopsy1973

jimjames said:

flopsy1973 said:

Hi
Want to make lump sum additional contribution to my pension before the budget. 

Any reason you want to rush it before the budget? As a basic rate taxpayer it is exceptionally unlikely the tax relief will be reduced so I can't see any reason to rush. It is more likely it will be increased so you'd have a much larger chunk added to your pension. Obviously would be different if you paid 40/45% tax

OK I was just aware of all noise about potential changes. It would suit me better not to rush it as I need to find out my pension contributions as I have recently started new post. So I don't need to include employer contributions?