Calculating Pension Contributions

[Converse2020]

Hi,

As per subject i need to tot up my pension contributions for current and prior tax years to work out how much extra I can add to one of my pensions.

Is there any data available on HMRC site that i can use, or is it a case of going through payslips and SIPP contributions manually to work it out?

Thanks

[fat80b]

I think you are going to need to go through the payslips / look at the pension providers / accounts to be able to figure it all out.

(And then square it off with the numbers on the HMRC site to make sure you have paid the right amount of tax / received the right amount of tax relief on the contributions)

[FriedMarsBar]

you should get an annual statement from your pension provider annually which details the payments into the pension.

I've just been through this process and my pension provider asked if I wanted a CSV of all payments. Once I had the CSV I sucked it into Excel and could sort into amounts over the years.

I also realised that my pension provider allows exports of files, one of which is a CSVs from their website, your company may do the same?

Edited by FriedMarsBar on Thursday 16th March 16:53

[FriedMarsBar]

You probably not at this stage but this calculator helped me once I had all the figures

https://www.tax.service.gov.uk/pension-annual-allo...

[Converse2020]

Thanks everyone. Will see if I can get data from my work pension.

[AyBee]

Just be conscious that the £40k limit (soon to be increased possibly) includes the tax that you save on the personal pension contributions.

[xeny]

Looks as if the annual allowance has gone up to £60,000, and the LTA has been scrapped. Wonder what is in the small print?

[Mogul]

Said small print...

[birdcage]

Does that mean if it's now 60 and you maxed out on 40 you can carry over 20k PA for three previous years?

[AyBee]

birdcage said:

Does that mean if it's now 60 and you maxed out on 40 you can carry over 20k PA for three previous years?

I'd be very surprised if that was the case - the AA was £40k at the time, so anything under that is, I imagine, what you can carry over. Those who will benefit from the increase from £40k to £60k will be unlikely to have any AA to carry over anyway though.

[Mr Pointy]

FriedMarsBar said:

you should get an annual statement from your pension provider annually which details the payments into the pension.

I've just been through this process and my pension provider asked if I wanted a CSV of all payments. Once I had the CSV I sucked it into Excel and could sort into amounts over the years.

I also realised that my pension provider allows exports of files, one of which is a CSVs from their website, your company may do the same?

dont forget to use your "adjusted income" when working out the max you can pay in, if that's relevant to situation. Adjusted income includes rental income, dividends, interest etc.

This part is wrong. Your "relevant income" for pension contribution purposes does not include any of the three types of income you have listed.

[Phooey]

Just a heads up - if you want 'correct' info and guidance on pensions, call the Money Helper helpline. This is a free service and is in association with HMRC, so you will be given correct and current information. I had a query re contributions (self/employed and employer (limited co)) and the chap i spoke to was absolutely brilliant. He said one of the biggest mistakes people make is searching Google and/or forums

https://www.moneyhelper.org.uk/en/pensions-and-ret...

tel: [phone]

[FriedMarsBar]

Mr Pointy said:

This part is wrong. Your "relevant income" for pension contribution purposes does not include any of the three types of income you have listed.

You're more than likely correct, thanks for pointing it out!

[db10]

assume the tapering still applies for people earning over 240k?

[williaa68]

db10 said:

assume the tapering still applies for people earning over 240k?

Yes but tapers now to £10k minimum

[Stuart70]

db10 said:

assume the tapering still applies for people earning over 240k?

£260k going fwd?

[AdamV12V]

Sorry a bit late to this thread, but everything you need to know is in the Gov.UK link below.

…in summary almost everything announced in the budget relating to pensions kicks in from the next tax year, starting apr-2023.

https://www.gov.uk/government/publications/aboliti...