Rachel

I have fixed protection 2012 and have not made any pension contributions since then. I drew my DB pension in June 2023 and it is currently in payment. I used my full tax free lump sum allowance at the protected level. I have no other pensions. Following LTA abolition, I have the following questions: 1. Can I now start to contribute to a new DC personal pension without any effect on the fixed protection I have already used? 2. If so, can I carry forward any unused annual allowances from the last 3 tax years, on the basis that I was a pensioner member of a registered pension scheme for that 3 year period? 3. If yes, my income for all 3 years and the current tax year was above £260,000, so I will be subject to annual allowance tapering. The maximum I calculate I can pay in this year (including gross up for 20% tax relief added at source by the pension provider) is £49,000, of which £10,000 relates to current tax year due to my income level. I’ve calculated this using the £60k/£40K/£40k annual allowances for the prior 3 years as my pension in payment was a DB scheme - is this the correct allowance? 4.If I include £49,0000 on my self assessment return as a pension contribution to obtain additional rate relief, but don’t declare an annual allowance charge as I will be using carried forward amounts totalling £39,000, will the online calculation give me relief for the full £49,000, or will it assume that I would only be eligible for relief on £10,000 due to my income level (estimated at £370k for this year) Thanks for your help. I want to ensure I’m not letting myself in for any unknown consequences before making a pension payment. I’m aware I won’t have any tax free allowance left if I make future withdrawals from any new pension. Is there anything else I need to be aware of before proceeding?

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