+ Reply to Thread
Page 2 of 2 FirstFirst 1 2
Posts 11 to 15 of 15
  1. #11

    More time posting than coding

    Craig at Nixon Williams's Avatar
    Join Date
    Sep 2012
    Location
    Blackpool
    Posts
    452
    Thanks (Given)
    3
    Thanks (Received)
    42
    Likes (Given)
    8
    Likes (Received)
    70

    Default

    Quote Originally Posted by eek View Post
    Can you use previous year's allowances if you didn't contribute the full £50,000 last year?
    Yes, you can actually utilise unused allowances from the previous three pension input periods (this may not be the same as the tax year).

    Also, the £50,000 previously mentioned is being reduced to £40,000 in 2014/15.

    Craig

  2. #12

    Contractor Among Contractors


    Join Date
    Jul 2005
    Posts
    1,154
    Thanks (Given)
    0
    Thanks (Received)
    5
    Likes (Given)
    0
    Likes (Received)
    16

    Default

    Quote Originally Posted by Craig at Nixon Williams View Post
    Remember in this example, the maximum that you can contribute to a pension each year is £50,000.

    Craig
    Yes, sorry I was forgetting the limit which was introduced more recently. It is going down to £40,000 for 2014/2015

  3. #13

    Contractor Among Contractors


    Join Date
    Jul 2005
    Posts
    1,154
    Thanks (Given)
    0
    Thanks (Received)
    5
    Likes (Given)
    0
    Likes (Received)
    16

    Default

    In order to use unused allowance from previous years, you do actually have to have had a pension scheme then, even if you didn't contribute to it.

  4. #14

    More time posting than coding

    Craig at Nixon Williams's Avatar
    Join Date
    Sep 2012
    Location
    Blackpool
    Posts
    452
    Thanks (Given)
    3
    Thanks (Received)
    42
    Likes (Given)
    8
    Likes (Received)
    70

    Default

    Good point!

    You must also earn as much as you wish to contribute during that year.

    For example - say I had unused allowances for £25,000 from the past 3 years plus my £50,000 allowance this year, I could make a contribution of £125,000 to my pension - however I must earn at least £125,000 this year in order to do this. My earnings from the previous 3 years would not count towards this.

    Craig

  5. #15

    Nervous Newbie


    Join Date
    Jul 2013
    Posts
    2
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default Thanks guys

    Sounds like company contributions are the way to go, ta.

+ Reply to Thread
Page 2 of 2 FirstFirst 1 2

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.