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Annual Allowance
Rob749
Posts: 76 Forumite
Sorry, posted this in wrong place, don't know how to delete, have reposted now.
I've just retired on 20 July 2018, (age 70), and I'm not sure where I stand in relation the the AA, and hoping for some advice. I was in a final salary scheme which closed this year on March 31st. No problem with that, I have transferred it out as it is only a relatively small amount (5 yrs servic
The problem is that I joined the new company DC scheme run by Aviva. The company paid in a "transition" payment of £12000 to the scheme on April 1st, as part of a compensation package to former DB scheme members. Since then both my employer and I have been contributing to the new scheme under salary sacrifice up to my retirement date. The total in that new scheme is now £13800. I have earned in this tax year £6946 taxable gross.
I think I have unwittingly exceeded my AA, but not sure what to do next. I haven't received any notification from my old company scheme or Aviva. I have contacted the old company pension people and they say all they can do is provide a statement from 2017/18 of contributions and then I can use some complicated formula to work out the AA, to find out if I've exceeded it. Can someone please advise/help? Thank you.
I've just retired on 20 July 2018, (age 70), and I'm not sure where I stand in relation the the AA, and hoping for some advice. I was in a final salary scheme which closed this year on March 31st. No problem with that, I have transferred it out as it is only a relatively small amount (5 yrs servic
The problem is that I joined the new company DC scheme run by Aviva. The company paid in a "transition" payment of £12000 to the scheme on April 1st, as part of a compensation package to former DB scheme members. Since then both my employer and I have been contributing to the new scheme under salary sacrifice up to my retirement date. The total in that new scheme is now £13800. I have earned in this tax year £6946 taxable gross.
I think I have unwittingly exceeded my AA, but not sure what to do next. I haven't received any notification from my old company scheme or Aviva. I have contacted the old company pension people and they say all they can do is provide a statement from 2017/18 of contributions and then I can use some complicated formula to work out the AA, to find out if I've exceeded it. Can someone please advise/help? Thank you.
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