Extra payment into private pension

kendricks1

Hi, I have a annual salary of 44k and futher investments of 12 k,obviously placing me into a higher tax bracket,any ideas of basically how much extra I would need to contribute in a year to my pension to lower myself into the basic tax bracket,and do I need to claim any additional payments back through HMRC,thanks kindly .

barnstar2077

Do you mean further income, instead of further investments?

kendricks1

Yes,futher income on top of my wage 

ali_bear

Is the pension you refer to a personal pension? If it is a company scheme, by what mechanism is your pension contribution taken from your pay? More details will yield better advice. 

kendricks1

I hold a nhs pension but I’d rather pay into my private pension,thanks again.

Yorkie1

If you are in England and assuming a standard tax code, then your £56K overall income is £5730 over the higher rate band. However, your current NHS pension contributions will have reduced your taxable income.

What does your P60 from 24-25 say was your taxable income?

What were your contributions to your NHS pension last financial year (from your March 25 payslip)? 

I suspect that you will be likely to reclaim some previous contrbutions from any years where your taxable income was over the limit, but others will be better able to suggest how you should approach that.

Dazed_and_C0nfused

Yorkie1 said:

If you are in England and assuming a standard tax code, then your £56K overall income is £5730 over the higher rate band. However, your current NHS pension contributions will have reduced your taxable income.

What does your P60 from 24-25 say was your taxable income?

What were your contributions to your NHS pension last financial year (from your March 25 payslip)? 

I suspect that you will be likely to reclaim some previous contrbutions from any years where your taxable income was over the limit, but others will be better able to suggest how you should approach that.

NHS use the net pay method so for someone earning that much there would never be anything extra they could claim tax relief wise.