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Where Taxpayers and Advisers Meet
MPAA Rules
I am retired and drawing both a final salary and state pension. In addition, I have a personal pension against which I have made no withdrawals to date, including no lump sum pay out. I am not clear if I am eligible to make a MPAA payment into this scheme. The stuff I have read since the Budget announcement says you can if you have withdrawn from the scheme but nowhere have I seen whether receipt of final salary scheme pension receipts count toward eligibility. Would someone enlighten me please as to what is allowed? Thanks.
Re: MPAA Rules
Nothing you have posted suggests you have triggered MPAA.
But as you have no earnings for pension purposes you will be limited by the non earners limit of £3,600.
Which, assuming you are under 75, means you can contribute £3,600 gross each tax year. £2,880 of which you will pay and £720 the pension company will add in basic rate tax relief.
But as you have no earnings for pension purposes you will be limited by the non earners limit of £3,600.
Which, assuming you are under 75, means you can contribute £3,600 gross each tax year. £2,880 of which you will pay and £720 the pension company will add in basic rate tax relief.
Re: MPAA Rules
Thanks very much for the clarification. Much appreciated.