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  1. #11

    More time posting than coding

    Craig at Nixon Williams's Avatar
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    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


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    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


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    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
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    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


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    Default Thanks guys

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

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