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Savings and Investments thread
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I’m looking to top up my pension allowance for this year with the added objective of also trying to use up the unused allowance from 2021/2022.My initial plan was to just use my workplace pension, which is the only one I have, and make a one off contribution.I spoke with a tax advisor this morning who I’m in the process of getting set up with. He said it’s very very rare for anyone to do this, and that 99% of people would instead put a one off contribution into a private pension.
I don’t have one of these set up - but considering I’d need to do it this week, could anyone suggest something that is fairly straight forward as a place to start?Alternatively, has anyone had any issue making one off contributions to their workplace pension and getting the tax relief?0 -
I used pension bee quick to set up and they were very good and could see both payment made and tax relief in the app they claimed I’m sure other people will have more detailed recommendationscafctom said:I’m looking to top up my pension allowance for this year with the added objective of also trying to use up the unused allowance from 2021/2022.My initial plan was to just use my workplace pension, which is the only one I have, and make a one off contribution.I spoke with a tax advisor this morning who I’m in the process of getting set up with. He said it’s very very rare for anyone to do this, and that 99% of people would instead put a one off contribution into a private pension.
I don’t have one of these set up - but considering I’d need to do it this week, could anyone suggest something that is fairly straight forward as a place to start?Alternatively, has anyone had any issue making one off contributions to their workplace pension and getting the tax relief?2 -
I agree that you should use an external provider. Some on here use Hargreaves Lansdowne but there are others and maybe better ones.cafctom said:I’m looking to top up my pension allowance for this year with the added objective of also trying to use up the unused allowance from 2021/2022.My initial plan was to just use my workplace pension, which is the only one I have, and make a one off contribution.I spoke with a tax advisor this morning who I’m in the process of getting set up with. He said it’s very very rare for anyone to do this, and that 99% of people would instead put a one off contribution into a private pension.
I don’t have one of these set up - but considering I’d need to do it this week, could anyone suggest something that is fairly straight forward as a place to start?Alternatively, has anyone had any issue making one off contributions to their workplace pension and getting the tax relief?
Edit. Being a cynical adviser I might say that your "tax adviser" would say that wouldn't they. Depends on what charges there are with your employers scheme & the fund choice.
However, are you sure you can use up unused Allowance from 2021/22 ? To do this you will have needed to fully use up this years Allowance (£60k) and have the earnings to use up previous years too - ie, have relevant earnings in excess of £60k plus whatever it is you are carrying forward.1 -
Yes, I’m planning to use up the unused allowance for both years and that figure is below my 2024/25 earnings (45% tax payer). Keeping in mind the allowance for 2021/22 was £40k back then, not £60k.golfaddick said:
I agree that you should use an external provider. Some on here use Hargreaves Lansdowne but there are others and maybe better ones.cafctom said:I’m looking to top up my pension allowance for this year with the added objective of also trying to use up the unused allowance from 2021/2022.My initial plan was to just use my workplace pension, which is the only one I have, and make a one off contribution.I spoke with a tax advisor this morning who I’m in the process of getting set up with. He said it’s very very rare for anyone to do this, and that 99% of people would instead put a one off contribution into a private pension.
I don’t have one of these set up - but considering I’d need to do it this week, could anyone suggest something that is fairly straight forward as a place to start?Alternatively, has anyone had any issue making one off contributions to their workplace pension and getting the tax relief?
Edit. Being a cynical adviser I might say that your "tax adviser" would say that wouldn't they. Depends on what charges there are with your employers scheme & the fund choice.
However, are you sure you can use up unused Allowance from 2021/22 ? To do this you will have needed to fully use up this years Allowance (£60k) and have the earnings to use up previous years too - ie, have relevant earnings in excess of £60k plus whatever it is you are carrying forward.
I did find it a bit strange that he was suggesting against putting it in the workplace pension. Or that it was a very unusual move. I was planning to do it more for sake of ease and familiarity this week, with the view of then transferring it all over to a private provider when I’ve had the time to do the research.0 -
Yes, due to the time constraint that might seem like the better option.cafctom said:
Yes, I’m planning to use up the unused allowance for both years and that figure is below my 2024/25 earnings (45% tax payer). Keeping in mind the allowance for 2021/22 was £40k back then, not £60k.golfaddick said:
I agree that you should use an external provider. Some on here use Hargreaves Lansdowne but there are others and maybe better ones.cafctom said:I’m looking to top up my pension allowance for this year with the added objective of also trying to use up the unused allowance from 2021/2022.My initial plan was to just use my workplace pension, which is the only one I have, and make a one off contribution.I spoke with a tax advisor this morning who I’m in the process of getting set up with. He said it’s very very rare for anyone to do this, and that 99% of people would instead put a one off contribution into a private pension.
I don’t have one of these set up - but considering I’d need to do it this week, could anyone suggest something that is fairly straight forward as a place to start?Alternatively, has anyone had any issue making one off contributions to their workplace pension and getting the tax relief?
Edit. Being a cynical adviser I might say that your "tax adviser" would say that wouldn't they. Depends on what charges there are with your employers scheme & the fund choice.
However, are you sure you can use up unused Allowance from 2021/22 ? To do this you will have needed to fully use up this years Allowance (£60k) and have the earnings to use up previous years too - ie, have relevant earnings in excess of £60k plus whatever it is you are carrying forward.
I did find it a bit strange that he was suggesting against putting it in the workplace pension. Or that it was a very unusual move. I was planning to do it more for sake of ease and familiarity this week, with the view of then transferring it all over to a private provider when I’ve had the time to do the research.
However, you would probably have to transfer all the funds from your employers pension as most schemes dont allow partial transfers. Not sure what your employer would make of that or if it would be allowed if you are (presumably) still make monthly contributions to it.
I know time is of the essence but I think you need to check all these issues out.1 -
Thanks.
Another idea I had was to potentially open up a SIPP account (ie - Hargreaves Lansdown) but then just put the money in cash. Is there a way to do that so that it technically can be classed as using up carry forward pension allocation before the deadline? And then invest it into funds after the deadline?0 -
No reason not too. Depends on the provider & they way they set up their "cash" facility. Some will let you drip feed it in over x number of months and some will have a "holding" account before the money is invested.cafctom said:Thanks.
Another idea I had was to potentially open up a SIPP account (ie - Hargreaves Lansdown) but then just put the money in cash. Is there a way to do that so that it technically can be classed as using up carry forward pension allocation before the deadline? And then invest it into funds after the deadline?1 -
Thanks. I think that may be what I go with. It would mean having to oversee two pensions (work and private) but I would just have the work one for my salary sacrifice contributions and the private one for my “one off” / top up contributions.0
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Sweet FA third month on the trot0
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Worst month ever, thanks Donald 🤔 £25 for me, nought for my wife or my Mum.0
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£100 for me
All the dicking around I've been doing with researching companies and trying to align my predictions with geopolitical ongoings is truly a waste of time. An equivalent investment in PB has yielded me loads more than the ETFs, big hitters, even my c**t list has done. Thanks for that Donald
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250 on full0
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£100 for me, £50 for MrsR7L, blank for daughter.0
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I’ve always hadcafctom said:Thanks.
Another idea I had was to potentially open up a SIPP account (ie - Hargreaves Lansdown) but then just put the money in cash. Is there a way to do that so that it technically can be classed as using up carry forward pension allocation before the deadline? And then invest it into funds after the deadline?
1. current work Pension
2. private SIPP
currently back with Fidelity with about half in cash. No reason you couldn’t do the same, they pay a bit over 3% on cash balances.
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£125 for me.0
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Nothing for me on 22K0
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Total of £75 for me and Margaret off £100k holding. Rubbish.0
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£275 for father in law 🙈1
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£50 on 42.5k me
£325 the wife on full0 -
£175 on max holding0
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Slim pickings here on PBs. Both me and Mrs Chaz got £50 and jnr zilch.0
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£125. Half holding0
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After my best month in March, back to earth this month with just £50 (2 x £25) on a £45k holding.0
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£75 for me, £25 for Mrs M - both max holdings.24/25 Tax Year totals - me £1,900 (3.8%) Mrs £1,775 (3.55%) - not too bad tax-free.0
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£525 over 5x max. Worst month for a while and with the decrease in prize rate in April I’m going to cash a couple in and put it in a 1 year bond now my daughter is 18 and utilise her tax free allowance at a guaranteed rate0
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Only £25 for me (max).0
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£150 on max holding. 4.05% return in the financial year.0
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Thanks - assume the interest is tax free in a SIPP?Rob7Lee said:
I’ve always hadcafctom said:Thanks.
Another idea I had was to potentially open up a SIPP account (ie - Hargreaves Lansdown) but then just put the money in cash. Is there a way to do that so that it technically can be classed as using up carry forward pension allocation before the deadline? And then invest it into funds after the deadline?
1. current work Pension
2. private SIPP
currently back with Fidelity with about half in cash. No reason you couldn’t do the same, they pay a bit over 3% on cash balances.
I spoke with someone who tried doing something similar and said that they had issues getting the tax rebate back. HMRC basically just increased their tax free allowance, so whilst the pension had the top up - they couldn’t get the 25% paid back on self assessment as planned. Bloody confusing.0 -
We normally get average luck on the premium bonds but Mrs Er_Be_Ab_Pl_Wo_Wo_Ch just scooped £1,050.15
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Yes, HMRC dont like sending out rebates anymore. They simply alter your tax code. That way they keep your money & your "rebate" is spread over 12 months. Big win for them.cafctom said:
Thanks - assume the interest is tax free in a SIPP?Rob7Lee said:
I’ve always hadcafctom said:Thanks.
Another idea I had was to potentially open up a SIPP account (ie - Hargreaves Lansdown) but then just put the money in cash. Is there a way to do that so that it technically can be classed as using up carry forward pension allocation before the deadline? And then invest it into funds after the deadline?
1. current work Pension
2. private SIPP
currently back with Fidelity with about half in cash. No reason you couldn’t do the same, they pay a bit over 3% on cash balances.
I spoke with someone who tried doing something similar and said that they had issues getting the tax rebate back. HMRC basically just increased their tax free allowance, so whilst the pension had the top up - they couldn’t get the 25% paid back on self assessment as planned. Bloody confusing.3
