Shades of Blue
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RE: Maximum pension contributions
Thank you for your answer. If I understand it, I can make £60,000 - £45500 = 14500 contributions Or rather 60000 - 53000 = 7000 additional contributions, or a 5600 payment and the pension provider will claim at source another 1400. Is this correct? I do have carryover unused allowance from the previous three years of 20000. Can I make that contribution? Is it the case that if I do I cannot claim tax relief on that? thanks in advance -
Maximum pension contributions
For the tax year 2023/2024 my income is about £33,500 My employer has made about £53,000 in contributions to my pension plan (7,500 funded by them + 45,500 from salary sacrifice). Using the HMRC calculator for annual allowance https://www.tax.service.gov.uk/pension-annual-allowance-calculator it gives me an unused allowance of about £27,000 for the current year. I would like to know if I can make additional pension contributions with relief at source via my pension providers so me depositing £21,600 (80%) and the pension provider claiming £5,400 (20% for tax relief) many thanks