When I left earlier in the year I thought I was lucky not to get one of the ‘October special’ letter. I’ve been lucky to do quite well and have ramped up my private pension contributions.
Curiosity got the better of me and I asked for a Statement of what was going into my ‘pension pot’ from Veterans U.K., ready for a tax return.
I’m surprised what the PIA amount is, the Pension Input Amount that goes into your pot is very significant! I didn’t have a private pension last year and didn’t breach the £40k allowance, but I will do this year.
I can utilise last year’s allowance so there’s no drama, but I will now have to revisit last year’s return to use the allowance- but also add the PIA from last year. Does anyone know if I will get tax relief on a PIA?