Hello,
I need some help. I am enrolled in a workplace pension and have several pots from previous employers. I am an additional rate payer so therefore my annual contributions to my workplace pension is £10k due to tax relief taper. I am at the 10k limit and would like to boost my future pension income and considering a private/SIPP to go alongside my workplace pots.
I am struggling to understand if I would be entitled to tax relief on a SIPP/private pension also given I am at the tax relief limit for my workplace scheme. I have read about £250 relief payments etc for additional rate payers but I am confused.
So the question is - would I receive any tax relief if I opened a SIPP and payed into it if I am already at my tax relief limit of 10k in my work place sheme?
If I cannot receive the tax relief because I have used it in my workplace scheme does anyone have suggestions about how I can boost my pension pot/future income when I am limited by the 10k limit?
Many thanks in advance for any information
I need some help. I am enrolled in a workplace pension and have several pots from previous employers. I am an additional rate payer so therefore my annual contributions to my workplace pension is £10k due to tax relief taper. I am at the 10k limit and would like to boost my future pension income and considering a private/SIPP to go alongside my workplace pots.
I am struggling to understand if I would be entitled to tax relief on a SIPP/private pension also given I am at the tax relief limit for my workplace scheme. I have read about £250 relief payments etc for additional rate payers but I am confused.
So the question is - would I receive any tax relief if I opened a SIPP and payed into it if I am already at my tax relief limit of 10k in my work place sheme?
If I cannot receive the tax relief because I have used it in my workplace scheme does anyone have suggestions about how I can boost my pension pot/future income when I am limited by the 10k limit?
Many thanks in advance for any information
