Pension contribution question

[E30M3ZONE]

Hoping someone can advise if I can still use some existing pension contribution (tax free) allowance.

History of pension payments:

2013/14 – zero contribution
2014/15 – zero contribution
2015/16 - £29,000.00 salary sacrifice
2016/17 – £34,000.00 salary sacrifice plus £6000.00 (gross) personal contribution and £50,000.00 (gross) contribution direct from my Limited Company retained profit (as Director)
2017/18 – £40,000 salary sacrifice
2018/19 - £40,000 salary sacrifice

Note; the salary sacrifice above is from PAYE employment not connected with my limited company.

If I’m looking at this correctly, I believe that I can make a personal additional £11,000.00 (gross) tax free payment this year, which would be made up of £5000.00 allowance for 15/16 and £6000.00 allowance for 16/17.

Am I correct?

Thanks in advance.

[Mr Pointy]

Does this help at all?
https://www.hl.co.uk/pensions/contributions/carry-...

I'm slightly puzzled by 2016/17 as I though the annual contribution limit was £40k but I'm sure someone will be along to correct me.

[anonymous-user]

Mr Pointy said:

I'm slightly puzzled by 2016/17 as I though the annual contribution limit was £40k but I'm sure someone will be along to correct me.

Presumably using the previous year's carry forward allowance.

[Mr Pointy]

EddieSteadyGo said:

Mr Pointy said:

I'm slightly puzzled by 2016/17 as I though the annual contribution limit was £40k but I'm sure someone will be along to correct me.

Presumably using the previous year's carry forward allowance.

I see, but don't you have to use the current year's allowance first so there can't be anything to carry forward from 2016/17 as it would have been maxed out in that year before carrying forward from previous years?

Edited by Mr Pointy on Wednesday 27th March 15:55

[chip*]

Also, depending on the date you paid the 15/16 contribution, you could have double the annual allowance (which I took advantage from my Ltd Co).

Details here: https://www.rossmartin.co.uk/sme-tax-news/1829-pen...

[Squiddly Diddly]

Ignoring the complexities of the split 2015-16 year, you do have £11,000 but that is all carry forward from 2015-16.

You have used all your 2016-17 allowance in the year.

This all assumes you have pension provision from pre 2013-14 and you are not caught by taper relief.

Edited by Squiddly Diddly on Wednesday 27th March 15:58

[E30M3ZONE]

Thanks for all responses much appreciated and in particular Squiddly Diddly.

My understanding from this response is that the £6000.00 paid in 16/17 topped up that year to £40k, and the £50,000.00 would be allocated to 14/15 or even 13/14. Thus leaving 15/16 available for carry forward as you advise. Also, I must use this carry over in 18/19 as carry over is only available from the previous 3 years, i.e. I do not have carry over from 13/14 or 14/15 available to me.

[Welshbeef]

Are you investing it into SIPP or that the fund sits with cash instead of equity as dumping a boat load in now with all the bearish view might cost you a lot

[Ollerton57]

Welshbeef said:

Are you investing it into SIPP or that the fund sits with cash instead of equity as dumping a boat load in now with all the bearish view might cost you a lot

I know the financial markets well. I also know SIPPs and investments well. I know all the words in your sentence, but for the life of me, I cannot think what point you are trying to make?

SIPP or not makes no difference, it's just a wrapper. Are you saying that keeping it in cash within the SIPP wrapper and not investing could cost a lot, or vice versa?

[dingg]

He's best ignored.

[Welshbeef]

Ollerton57 said:

I know the financial markets well. I also know SIPPs and investments well. I know all the words in your sentence, but for the life of me, I cannot think what point you are trying to make?

SIPP or not makes no difference, it's just a wrapper. Are you saying that keeping it in cash within the SIPP wrapper and not investing could cost a lot, or vice versa?

I’m asking if your outing this extra boat load in now into S&S or into cash and then buy S&S at a future date

[Welshbeef]

dingg said:

He's best ignored.

Doors over there buddy