Pension carryover question

[okgo]

Is there no quicker way of working out what carryover I have than pouring through payslips?

Reason I ask as I’ve had a couple of different jobs in the last 3 tax years so it won’t be easy to find them especially as you lose access to digital platforms and they don’t send physical slips.

I’ve been potentially a little silly in just using Sal sac to put £60k into pension and now have a tapered allowance for this year (unexpected bonus meant I couldn’t stop the contributions earlier).

So I am hoping I have the carryover from some other years to cover this, and the second part of my ask here, do I need to report anything to hmrc or will they just see that I have carryover and nothing further happens?

My guess is that is not the case or I’d be easily able to find my carryover number on my HMRC page but I can’t seem to..

Thanks for any pointers

[z4RRSchris]

firstly such a brag boasting to everyone you earn over £260k

(you need to fill out a sa101, HMRC dont auto know, if you think you are ok with carryover you dont need to fill out, again hmrc dont know)

[okgo]

z4RRSchris said:

firstly such a brag boasting to everyone you earn over £260k

(you need to fill out a sa101, HMRC dont auto know, if you think you are ok with carryover you dont need to fill out, again hmrc dont know)

Figured enough people on here in the same boat.

Ok, so I ‘think’ I am OK but I almost have no way of checking the furthest back tax year - how will they find out if they don’t know anything and I don’t fill out any form?

[Nicetobenice]

I'd have thought the easiest way would be to look at your pension provider's platform and see what has gone in during the relevant time period.

Edited to add: they only know what they have been told by PAYE and/or self assessment, until they decide to find out.

Edited by Nicetobenice on Thursday 19th February 15:41

[okgo]

Nicetobenice said:

I'd have thought the easiest way would be to look at your pension provider's platform and see what has gone in during the relevant time period.

Edited to add: they only know what they have been told by PAYE and/or self assessment, until they decide to find out.

Edited by Nicetobenice on Thursday 19th February 15:41

I’ve consolidated all of the previous pensions into my SIPP…

[z4RRSchris]

okgo said:

how will they find out if they don t know anything and I don t fill out any form?

welcome to HMRC. They wont, unless they audit you, and then you'll be in trouble.

edit: one of the joys of digital ID would be near 100% tax take, because you wouldnt be able to fiddle.

[Esquire]

Without meaning to sound rude, if you have been earning north of £260k for the last few years why haven't you been using the full allowance over this period ?

Forgive me if I've missed something.......

[Peterpetrole]

Esquire said:

Without meaning to sound rude, if you have been earning north of £260k for the last few years why haven't you been using the full allowance over this period ?

Forgive me if I've missed something.......

What someone is paid is often unrelated to what they have earnt.

[z4RRSchris]

Esquire said:

Without meaning to sound rude, if you have been earning north of £260k for the last few years why haven't you been using the full allowance over this period ?

Forgive me if I've missed something.......

becuase you need money for school fees, holidays, horses, etc... didnt you see the other thread some of us have a high burn rate.

[okgo]

Esquire said:

Without meaning to sound rude, if you have been earning north of £260k for the last few years why haven't you been using the full allowance over this period ?

Forgive me if I've missed something.......

Income has been up and down, some years I ve had the full allowance on offer, others it s been tapered down. But it s just now the difficulty of seeing exactly what those figures were that s the challenge. My own fault though. Thanks above guys, I’m confident enough I have it covered that I’m going to say nothing and hope.

I have ramped up the contributions as I didn t need the income, if that answers your question?

[Esquire]

okgo said:

Income has been up and down, some years I ve had the full allowance on offer, others it s been tapered down. But it s just now the difficulty of seeing exactly what those figures were that s the challenge. My own fault though. Thanks above guys, I m confident enough I have it covered that I m going to say nothing and hope.

I have ramped up the contributions as I didn t need the income, if that answers your question?

All understood .

Good luck

[supersport]

Given that I think you also get RSU and therefore probably ESPP you should be keeping pretty meticulous records.

I always download payslips and stock notes, given the above there’s a good chance you’re having to do section 104 calculations too.

I’m pretty sure HRMC could go back a good few years to look into your affairs if they wanted to. 7 years of payslips wouldn’t be out of the question.

[DoubleSix]

Just because you’ve consolidated pensions it doesn’t mean the account data is gone.

UK pension providers are required to maintain 6 years of records, more in some instances.

Payslips are useful but they won’t cover personal contributions into private pensions.

Contact the relevant providers and request a full contribution history.

[Rufus Stone]

DoubleSix said:

Contact the relevant providers and request a full contribution history.

This.

[gangzoom]

DoubleSix said:

Just because you ve consolidated pensions it doesn t mean the account data is gone.

UK pension providers are required to maintain 6 years of records, more in some instances.

Payslips are useful but they won t cover personal contributions into private pensions.

Contact the relevant providers and request a full contribution history.

Cannot you count the last 3 years of any unused contributions into any taper? I thought you have to persistently earn over £260k a year to really be hit by the taper?

[theboss]

It’s only the current year’s allowance which tapers, carry forward allowances from previous years are not affected if the taper threshold is breached this year. Love how a tax question is met with accusations of bragging. I’m away from the UK presently and had forgotten about this kind of st.

[Mr Squarekins]

Yes, just the current year in this case. You need the final period payslip of the past 3 years, plus the annual private pensions statements. These will mean that you know the annual contributions and how much you can sacrifice out of this years bonus/commission etc.

[okgo]

DoubleSix said:

Just because you ve consolidated pensions it doesn t mean the account data is gone.

UK pension providers are required to maintain 6 years of records, more in some instances.

Payslips are useful but they won t cover personal contributions into private pensions.

Contact the relevant providers and request a full contribution history.

Thanks that s interesting. The next challenge would be remembering who managed the schemes at the various places! But perhaps Vanguard can help me.

I ve never added to my SIPP manually, only ever transfers in so a payslip would be useful in this instance.

And yes RSU etc don t make it any easier. Suspect the best way to manage my pension contributions isn t via Sal sac - i don’t manually change the amount or have a provider that can act quick enough to add bonuses, it just takes the money off my basic salary if that makes sense.

[DoubleSix]

Salary sacrifice is still preferable as you gain relief on National Insurance (and one might argue it s easier administratively).

Present government proposes to cap this relief at £2,000 from 2029.

But many people run a private (personal) pension alongside group schemes offered by their employers.

Edited by DoubleSix on Friday 20th February 07:39

[Rufus Stone]

okgo said:

Thanks that s interesting. The next challenge would be remembering who managed the schemes at the various places! But perhaps Vanguard can help me.

I ve never added to my SIPP manually, only ever transfers in so a payslip would be useful in this instance.

And yes RSU etc don t make it any easier. Suspect the best way to manage my pension contributions isn t via Sal sac - i don t manually change the amount or have a provider that can act quick enough to add bonuses, it just takes the money off my basic salary if that makes sense.

Your SIPP provider will be able to confirm who they received transfer from.

Payslips don't usually detail employer pension contributions, did yours?