I own a private limited company which has been making employer contributions to my SIPP for the last 2 years. I am thinking of increasing the contributions this year to a higher level.
Prior to that, I was part of a defined workplace pension scheme.
I am also 55 next January, so will then have the option of taking a lump sum from both pensions.
I am trying to work out how much I can contribute without becoming liable to any recycling penalties. I have read the HMRC guidance, but am unclear on a number of points:
1) How is the baseline amount decided for determining the cumulative increases over the 5 years which must be considered?
2) Are all amounts aggregated across all pensions for determining the contribution amounts?
3) If the amount declined from 2012/13 to 2014/14, does the cumulative amount decrease?
4) I understand the cumulative amount must be less than 30% of the PCLS amount. Would this PCLS amount be the total from both pensions?
Regards
Oliver
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