Originally Posted by
Countdown begins
Has anyone had to go through the whole nause because they invested in a private Pension?
All the related paperwork mentions that the statement from Veterans UK only covers your current service pension. Any other pension investments also have to be considered and the tax man expects you to know when you exceed the AA (even if you don’t get a letter). Something to think about when topping up a SIPP. HMRC get info from the banks and other financial organisations every year about your accounts so they can chase you up a few years later (hence ‘tax recalculation’ letters that are issued retrospectively if your declared figures don’t match the bank’s). Most of us will be PAYE rather then self-assessment so a letter to HMRC is needed to declare your SIPP contributions to reclaim the extra tax if eligible (40 or 41% rather than the default). This is then matched to the amount declared by the SIPP provider. All in all, a real pain and the govt promised to look into it but then only exempted certain professions from memory - not even sure if that was enacted in the end.