Pension carry forward

Ladyjane26

https://forums.moneysavingexpert.com/discussion/comment/81864601#Comment_81864601

Yes I have a SIPP with Hargreaves lansdown

Ladyjane26

https://forums.moneysavingexpert.com/discussion/comment/81864629#Comment_81864629

I am a director of my own company although I just take small dividends. Not much profit. I do have a SIPP

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81864781#Comment_81864781

The first point is that your employer is behaving illegally, by not arranging a workplace pension and making a contribution to it. Effectively they owe you 3% of your salary for each year they have not contributed to a pension for you when they could have done. I think maybe you could propose that instead of setting up a workplace pension, they could just contribute to your SIPP instead.

The second point is that you can not claim tax relief you have 'missed out on' in previous tax years. So you can only contribute this tax year, and get tax relief based on your current gross salary.

So the maximum you can contribute to your SIPP is £22,000 and the SIPP provider will add on £5,500 of basic rate tax relief. As presumably it is unlikely there will be any workplace pension set up for you in the short term, I guess going ahead with SIPP contributions before the tax year ends is the best bet.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81864802#Comment_81864802

And a salary of £27,500 🤔

SVaz

Your employer is legally obliged to offer you a pension and has to fill in a declaration of compliance form with the Pensions regulator to opt in or out of auto enrolment.

He/she is breaking the law by not doing so but I do understand any reluctance to go down a legal route if it means risking your job.
Your employer does run proper Payroll I take it?
As soon as I became an employer and registered as such with HMRC, I had to comply, even though I only employ my Wife part time.

Emmia

https://forums.moneysavingexpert.com/discussion/comment/81864818#Comment_81864818

The OP is not an employee, they're a director of their own company and so self employed.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81864837#Comment_81864837

That is totally at odds with what the op has said in their updated first post.

Edit: thanks for all of your replies. I’m 60, will be earning £27,500 paye. I’m the only employee and I’ve never been invited to join a company pension scheme (it’s not really an option me talking to my boss about it as I don’t want to jeopardise my position with him and I feel awkward).

I also take dividends from 2 companies which am a director of but I understand I’m unable to use this as income?

af1963

They're a director of * a * company, not necessarily the one that they get a salary from.

Ladyjane26

https://forums.moneysavingexpert.com/discussion/comment/81864837#Comment_81864837

I am employed by a company but I am also a director of my own company

Ladyjane26

https://forums.moneysavingexpert.com/discussion/comment/81864818#Comment_81864818

yes I do understand that but unfortunately it’s not something I feel comfortable confronting him about. I am on proper payroll