I'm getting old. I forgot what I meant, and what I wrote makes no sense to me!
I think I may have been referring to this:
"Also, if you're in retirement, your annual pension contribution allowance is going to drop to £10,000 per annum, from £40,000."
Does "in retirement" refer to state pension age, or whether one is drawing a pension?
The point I'm making/question asking is that
1. I am drawing a Mil pension (i.e. in retirement, although not at state pension age)
2. Contributing >£10K per annum to the pension fund of my current job, consisting of:
a/ £4400 Salary Sacrifice
b/ £6600 Employer Contribution
c/ £5900 Voluntary Contribution
a + b are part of the final salary pension
c is a defined contribution amount, but once I retire is incorporated into the same pension pay out as a + b.
Are there any tax implications I should address before Apr '15, such as reducing my contributions to a maximum of £10K, and, if so, could/would the capped figure exclude my employers contributions?
Aware of course that I will more than likely be in the HR tax bracket when I retire, but still feel it's worth avoiding paying 40% tax (and 2% NI) on £10K+ to get to that 'happy' place to begin with!
Last edited by Willard Whyte; 4th Nov 2014 at 12:11.