Originally posted by TheFaQQer
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Reply to: Pension contribs using umbrella
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Previously on "Pension contribs using umbrella"
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Originally posted by lucycontractorumbrella View PostThey will only be able to pay into their own Group Pension Scheme via Salary Sacrifice.
The Pensions Advisory Service says:
Originally posted by PASAlthough your employer may choose to contribute to your SIPP, there is no obligation that they do so.
Originally posted by Pinsent MasonsWhat about defined contribution and personal pension schemes?
Salary sacrifice can be done in largely the same way as with defined benefit schemes. The employees' salary will be reduced (usually by the amount of the employee's contribution grossed up for the 20% tax relief which the pension scheme would have previously claimed), and the employer will instead contribute this amount to the defined contribution/personal pension scheme.
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They will only be able to pay into their own Group Pension Scheme via Salary Sacrifice. In terms of savings take a look at this forums.contractoruk.com/umbrella-companies/120238-tax-saving-through-pension-contributions.html
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Originally posted by psychocandy View PostOK, so I understand "employer" makes a contribution and "employee" make a contribution.
In real terms, assuming upper tax bracket, how much is this saving on NI (employer and employee) and PAYE?
I understand that, if its done afterwards its only tax relief you get so this is better idea?
My umbrella uses NEST but I've got my own SIPP (Hargreaves Lansdown). Was hoping it would be possible to pay into NEST and then transfer into SIPP whenever I want.
As long as it is paid into a pension pot, you should be able to consolidate.
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Originally posted by psychocandy View PostNLUK mun - you're like a little yappy dog that follows you around :-)
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Originally posted by psychocandy View PostNLUK mun - you're like a little yappy dog that follows you around :-)
And you might get a job.
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Originally posted by northernladuk View PostSo you've now got an employer AND an accountant and you still come here to ask. Not just that you could try a search as it's not like you are the only person that's ever been in this situation. Why can't you do a little bit to help yourself before asking?
Lots of threads
https://www.google.co.uk/search?q=pe...hrome&ie=UTF-8
Some more around your situation
http://forums.contractoruk.com/publi...sacrifice.html
http://forums.contractoruk.com/accou...ributions.html
http://forums.contractoruk.com/accou...ributions.html
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So you've now got an employer AND an accountant and you still come here to ask. Not just that you could try a search as it's not like you are the only person that's ever been in this situation. Why can't you do a little bit to help yourself before asking?
Lots of threads
https://www.google.co.uk/search?q=pe...hrome&ie=UTF-8
Some more around your situation
http://forums.contractoruk.com/publi...sacrifice.html
http://forums.contractoruk.com/accou...ributions.html
http://forums.contractoruk.com/accou...ributions.htmlLast edited by northernladuk; 21 April 2017, 13:13.
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Pension contribs using umbrella
OK, so I understand "employer" makes a contribution and "employee" make a contribution.
In real terms, assuming upper tax bracket, how much is this saving on NI (employer and employee) and PAYE?
I understand that, if its done afterwards its only tax relief you get so this is better idea?
My umbrella uses NEST but I've got my own SIPP (Hargreaves Lansdown). Was hoping it would be possible to pay into NEST and then transfer into SIPP whenever I want.Tags: None
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