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nest pensions gov payment
cherry2017
Posts: 198 Forumite
My brother didn't pay in anything this year, but he still got £250 into his nest pension from gov payment.
Does he need pay into this financial year to keep this £250?
He got little funds in this nest pension already.
Thanks
Does he need pay into this financial year to keep this £250?
He got little funds in this nest pension already.
Thanks
0
Comments
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Was the £250 the tax relief on a £1000 payment that was made in the previous year? If it was, then he doesn't need to pay anything else in this year. It's his.cherry2017 said:My brother didn't pay in anything this year, but he still got £250 into his nest pension from gov payment.
Does he need pay into this financial year to keep this £250?
He got little funds in this nest pension already.
Thanks
N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Kirk Hill Co-op member.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
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Did that £250 come from a contribution made in 2023/24?
There is a lag of around 6 weeks with providers that do not pre-fund the tax relief on contributions
You only get tax relief if you make a contribution.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
yes, we checked again, it was last year £250, he doubt he should put more into his pension now.QrizB said:
Was the £250 the tax relief on a £1000 payment that was made in the previous year? If it was, then he doesn't need to pay anything else in this year. It's his.cherry2017 said:My brother didn't pay in anything this year, but he still got £250 into his nest pension from gov payment.
Does he need pay into this financial year to keep this £250?
He got little funds in this nest pension already.
Thanks0 -
sure, we checked again, it was from last year's contribution, more contribution? now he doubt it,dunstonh said:Did that £250 come from a contribution made in 2023/24?
There is a lag of around 6 weeks with providers that do not pre-fund the tax relief on contributions
You only get tax relief if you make a contribution.0
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