Carry forward's calculation

GenX0212

DRS1 said:

In which case the total employer contributions would be £30,429 and the most I could pay into the pension myself would be £82,600 (my relevant earnings) totalling £113,029, but I then have to reduce that down to the available annual allowance of £108,938. Does that sound better?

EDIT: My actual net payment into a SIPP would be: available annual allowance 108,938; minus employer contributions 30,429; minus 9000 current AVC's; minus 30000 future AVCs =39,509

I really shouldn't be commenting because I don't follow the figures.  I thought £82600 was your salary before any salary sacrifice and taken with the bonus gets your earnings for the year up to £96600 but that figure is then reduced by what you have salary/bonus sacrificed which from post 1 is £22167.  I am not sure where £30429 comes from but maybe that includes some employer contributions which are not salary sacrificed amounts.

So I think that gets your relevant earnings down to £74433 (96600 - 22167)

If you then deduct £39000 of AVCs from that you have £35433 left to contribute to the SIPP (remember to multiply by 0.8 to get the actual net contribution).  That will be well short of the net £39509 figure.

There are others on here way better at the figures than me.  I hope they will be along soon 

The £82600 is my salary after salary sacrifice 
The £30429 is Employer contributions already contributed: Salary Sacrifice £8,156; Bonus Sacrifice £14,011; Employer contributions yet to be contributed: Salary Sacrifice: £8,262

DRS1

GenX0212 said:

DRS1 said:

In which case the total employer contributions would be £30,429 and the most I could pay into the pension myself would be £82,600 (my relevant earnings) totalling £113,029, but I then have to reduce that down to the available annual allowance of £108,938. Does that sound better?

EDIT: My actual net payment into a SIPP would be: available annual allowance 108,938; minus employer contributions 30,429; minus 9000 current AVC's; minus 30000 future AVCs =39,509

I really shouldn't be commenting because I don't follow the figures.  I thought £82600 was your salary before any salary sacrifice and taken with the bonus gets your earnings for the year up to £96600 but that figure is then reduced by what you have salary/bonus sacrificed which from post 1 is £22167.  I am not sure where £30429 comes from but maybe that includes some employer contributions which are not salary sacrificed amounts.

So I think that gets your relevant earnings down to £74433 (96600 - 22167)

If you then deduct £39000 of AVCs from that you have £35433 left to contribute to the SIPP (remember to multiply by 0.8 to get the actual net contribution).  That will be well short of the net £39509 figure.

There are others on here way better at the figures than me.  I hope they will be along soon 

The £82600 is my salary after salary sacrifice 
The £30429 is Employer contributions already contributed: Salary Sacrifice £8,156; Bonus Sacrifice £14,011; Employer contributions yet to be contributed: Salary Sacrifice: £8,262

I told you I should not be commenting.

On that basis the tax relievable gross contribution would be 43600 which is more than your calculation of what is available with the annual allowance.

I assume the 8156 and 14011 figures are included in the 30429 figure?  And are there more employer contributions to come in this tax year - are you allowing for them (and the 8262 salary sacrifice) in calculating the 39509?

GenX0212

DRS1 said:

GenX0212 said:

DRS1 said:

In which case the total employer contributions would be £30,429 and the most I could pay into the pension myself would be £82,600 (my relevant earnings) totalling £113,029, but I then have to reduce that down to the available annual allowance of £108,938. Does that sound better?

EDIT: My actual net payment into a SIPP would be: available annual allowance 108,938; minus employer contributions 30,429; minus 9000 current AVC's; minus 30000 future AVCs =39,509

I really shouldn't be commenting because I don't follow the figures.  I thought £82600 was your salary before any salary sacrifice and taken with the bonus gets your earnings for the year up to £96600 but that figure is then reduced by what you have salary/bonus sacrificed which from post 1 is £22167.  I am not sure where £30429 comes from but maybe that includes some employer contributions which are not salary sacrificed amounts.

So I think that gets your relevant earnings down to £74433 (96600 - 22167)

If you then deduct £39000 of AVCs from that you have £35433 left to contribute to the SIPP (remember to multiply by 0.8 to get the actual net contribution).  That will be well short of the net £39509 figure.

There are others on here way better at the figures than me.  I hope they will be along soon 

The £82600 is my salary after salary sacrifice 
The £30429 is Employer contributions already contributed: Salary Sacrifice £8,156; Bonus Sacrifice £14,011; Employer contributions yet to be contributed: Salary Sacrifice: £8,262

I told you I should not be commenting.

On that basis the tax relievable gross contribution would be 43600 which is more than your calculation of what is available with the annual allowance.

I assume the 8156 and 14011 figures are included in the 30429 figure?  And are there more employer contributions to come in this tax year - are you allowing for them (and the 8262 salary sacrifice) in calculating the 39509?

Too many numbers in this thread, perhaps @Triumph13 was right to ask is it worth it? 

Starting over:

     Available Annual Allowance: £108,938
     Relevant Earnings/Salary (after sacrifice): £82,600
     Employer contributions:
           Salary Sacrifice (already made): £8,156
           Bonus Sacrifice (already made): £14,011
           Salary Sacrifice (yet to be made): £8,262
     AVC:
           Already made: £9,000
           Yet to be made: £30,000

Totals:
     Employer contributions via Salary Sacrifice: £30,429 - counts towards available allowance but not for relative earnings
     Employee contributions (AVC): £39,000

     Relative earnings minus Employee Contributions: £82,600 - £39,000 = £43,600
     

     But, if I contributed the full £43,600 then that would make the total contributions £30,429 + £39,000 + £43,600 = £113,029 which is
     £4,091 more than the available annual allowance of £108,938. 

     Hence the most I can contribute after the Employer and Employee contributions is £43,600 - £4,091 =£39,509

     I think......