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Posted Fri, 16 Aug 2024 09:33:23 GMT by DaveW
Hi, I am currently retired and in receipt of a local government pension. I also have an active private pension which I have not yet drawn from. As I understand it, if I contribute to my private pension, it is increased to account for the refund of 20% income tax. My question is, if I top it up my private pension from my monthly Local Authority pension payment, would that be considered as income and therefore taken from there before the tax is calculated as it was during employment? In effect would this increase my personal allowance?
Posted Thu, 29 Aug 2024 14:35:04 GMT by HMRC Admin 20 Response
Hi,
To get the best advice, you may need to give more specific advice on the amounts you're considering drawing from and investing in your pensions, as they could
infringe on Pension Recylcing rules.
You can contact MoneyHelper for free, impartial advice via https://www.moneyhelper.org.uk/en/pensions-and-retirement , or contact us by webchat or phone
via Self Assessment: general enquiries
Thank you.

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