Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Wed, 27 Dec 2023 16:17:53 GMT by graham fur
I'm trying to calculate my remaining annual allowance for tax year 23/24 for an Nhs defined benefit pension (I've estimated my final salary this year and rounded up the pennies). Opening value 22/54 x £42337 = £17248.41 x 16 = £275,974.56 Increased by 10.1 (CPI Sept 23) = £303,847.99 Estimated Closing value 23/54 x £45000 = £19166.67 x 16 = £306,666.67 Therefore the total input is equivalent to £306,666.67 - £303,847.99 = £2818.68 So my remaining allowance is £45000 - £2818.68 = £42181.32 So if I add £30000 this tax year the HMRC should top this up to £37500 and I'll still be under my allowance? But! As this is an NHS pension and because of my age (now 55) I was moved from the 1995 to the 2015 pension. Does this impact at all and if so are there new rules/calculations I should be using?
Posted Thu, 04 Jan 2024 09:09:37 GMT by graham fur
It's ok the mse forum answered my question. fyi i was conflating annual allowance and tax relief which wasn't helping matters.

You must be signed in to post in this forum.