Hi Steven
Thanks for your response - we can pay down 10% of the remaining balance per year. I agree our pensions are very underfunded but really my main goal is to be as tax efficient as possible with the money I take out so as to be able to pay off as much as possible off the mortgage because ultimately it has to be paid off. I can only see 2 options to pay back the mortgage... either do it yearly (and pay 75000 a year in paye,usc etc as I'm on top rate of tax) or when I am 50 using the directors pension lump sum. I feel I'd like to pay it down using PAYE income just to get rid of it quicker but is that just not sensible given the high rate of tax I'm paying to take cash out of the company?
Can you have a PAYE pension and pay into a Director pension at the same time?
I thought that was not allowed.
You can't contribute to both from the same income if that's what you mean?thought that while I am on a fixed term contract where I pay x% and the employer pays x% that I am not allowed to contribute to my own director pension.
Is that not the case then?
I have an occupational DC pension ( part funded by my employer ) and I have a directors pension ( funded by my own company) and separately I am paying into the state pension by paying class A stamps.
Is there an issue with this set up?
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