Hi All
I was considering March as the best time of year for me to retire.
I have maxed out my pension contributions over the past few years using monthly contributions.
Before I retire in March, can I pay a lump sum AVC to take me up to the amount that I would have ordinarily paid if I had worked the entire year?
I normally claim 40% tax relief on my pension contributions, but in this case, if I pay a lump sum AVC in March (without moving into the higher rate tax bracket) will I only be able to claim tax relief on my contributions at 20%?
Thanks in advance
LT
I was considering March as the best time of year for me to retire.
I have maxed out my pension contributions over the past few years using monthly contributions.
Before I retire in March, can I pay a lump sum AVC to take me up to the amount that I would have ordinarily paid if I had worked the entire year?
I normally claim 40% tax relief on my pension contributions, but in this case, if I pay a lump sum AVC in March (without moving into the higher rate tax bracket) will I only be able to claim tax relief on my contributions at 20%?
Thanks in advance
LT