Re: Pensions
If married you could also pay £3600 for a non-earning wife.
If married you could also pay £3600 for a non-earning wife.
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Re: Pensions
You should open a Stakeholder plan - there is definitely no sense in starting an EPP now with the changes that are coming next year.
You can put £3600 a year in even if you have no salary income. So you don't need to increase your salary. If you want to put more than that in, the limit is based on an age-related percentage of your salary (20% for me) and you can use the highest salary in any of the five previous years. I make my contributions based on my 2002/2003 salary because various factors meant I had a lot of earned income in that year. From next year there will be no limit at all on how much your company can put in. (Well £230,000 is the limit I think. If you were making the contributions personally for some reason then they would also be limited to the higher of £3600 or 100% of salary.)
You should get the company to make the contribution so you can avoid employers NI as well.Comment
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Re:Limits
After the 5th April 2006 the limit's going to be £225k contributions pa with a £1.5million ceiling on the pension fund. Well, we can all dream can't we ....Comment
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