Make the taxman work for you for a change (pensions)

Gambler

Just seen an advertisement in today's Times by Scottish Widows with the above entitled headline.

Says if you earn over £40,000, paying £60 into a pension means you can get an extra £40 from the taxman.

I actually have a pension with SW where I pay in 7% and my employer matches it. When deducted from my salary 22% tax relief is deducted from the 7% payment.

My basic salary is under £40K but for the past 3 years I have gone into the upper tax bracket due to overtime.

I don't currently fill in a tax form, is this where i would need to reclaim the difference? And also can I claim for the past 3 years?

I just assumed that my tax and pension was all handled by my employer with my salary evry month.

Any help appreciated.

Toodlepip123

I recently entered the 40% bracket and have been wonderign the same...

CLAPTON

if your pension contributions are deduced at source by your employer then you have already been given the benefit of 40% tax relief if you are in that bracket