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Pension Options Help

RJ23
Posts: 4 Newbie

I have only in the past 5 years started paying into a work pension who contribute 4 % aswell as my 4 %.
I am a basic rate tax payer earning around £18-20K per year.
We have no debt due to mortgage paid and received an inheritance the last few years which has been placed in ISA and PB and the rest in fixed rate accounts therefore paying tax on interest from the interest accounts.
My pension company said i cant pay extra from the last 3 years as i havent paid in enough.
They say i can add up to £60k per tax year now going forward along with any salary sacrifice ?
Is this correct as there seems to be conflicting advice from them?
I am a basic rate tax payer earning around £18-20K per year.
We have no debt due to mortgage paid and received an inheritance the last few years which has been placed in ISA and PB and the rest in fixed rate accounts therefore paying tax on interest from the interest accounts.
My pension company said i cant pay extra from the last 3 years as i havent paid in enough.
They say i can add up to £60k per tax year now going forward along with any salary sacrifice ?
Is this correct as there seems to be conflicting advice from them?
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Comments
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Your annual gross contributions to your pension are capped by your annual salary.0
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One error or lack of clarity - the £60K+rollover limit includes employer contributions and salary sacrifice. It is not an extra you can contribute.
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Hi - how old are you now and how much are you hoping to move into pension (from ISAs or other funds)?
You mention 'we' - are you married? If so how much does your spouse earn and how much do they pay into pensions?0 -
RJ23 said:Linton said:One error or lack of clarity - the £60K+rollover limit includes employer contributions and salary sacrifice. It is not an extra you can contribute.0
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RJ23 said:Linton said:One error or lack of clarity - the £60K+rollover limit includes employer contributions and salary sacrifice. It is not an extra you can contribute.
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You'll still be limited by your earnings. Essentially, you can't get tax relief on money that you didn't pay tax on in the first place.
You're free to add to a private pension but if your total contributions across the two pensions exceed your earnings for the year there will be no tax relief on the excess.2 -
bjorn_toby_wilde said:You'll still be limited by your earnings. Essentially, you can't get tax relief on money that you didn't pay tax on in the first place.
You're free to add to a private pension but if your total contributions across the two pensions exceed your earnings for the year there will be no tax relief on the excess.
There are plenty of people contributing who haven't paid tax on their earnings, now or ever.
If that was correct it would mean some people would be prevented from meeting auto enrolment rules.
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