Pension Options Help

bjorn_toby_wilde

Dazed_and_C0nfused said:

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.

The highlighted bit isn't true though.

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.

Good point.  I was oversimplifying there.

RJ23

JayRitchie said:

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?

Im 50 , hoping to move around £200-300k thats not in ISA or PB. Other options to fill kids ISA as they have full PB.

About to get married other half has police pension so she has lump sum and final salary pension due.

JayRitchie

RJ23 said:

JayRitchie said:

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?

Im 50 , hoping to move around £200-300k thats not in ISA or PB. Other options to fill kids ISA as they have full PB.

About to get married other half has police pension so she has lump sum and final salary pension due.

Oh, wow - so realistically you can put up to your gross salary (lets say £20k a year) plus £20k a year into ISAs each year. Thats £40k a year. Once married (many congratulations) you could consider using your partners ISA allowance. Putting money into a pension in her name may also be a good move but given she has a police pension its not a straightforward one at all.

Dazed_and_C0nfused

RJ23 said:

JayRitchie said:

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?

Im 50 , hoping to move around £200-300k thats not in ISA or PB. Other options to fill kids ISA as they have full PB.

About to get married other half has police pension so she has lump sum and final salary pension due.

As you earn £18-20k it would take you over 10 years to get that into a pension.