Hey everyone,
I've got a pension plan at work where I contribute a percentage of my monthly earnings and the company covers a certain amount. From what I understand, there is a pension tax relief in which my contributions are done tax free. This amount of tax relief is a percentage of my annual salary and that percentage varies according to how old I am.
This year, I was given the opportunity to add part of my annual bonus as a one-off AVC to my pension, but after doing so I have reached my tax relief limit.
I've been looking everywhere, but I can't find what is the tax I'll be paying on every AVC from here on.
Can anyone help me understanding this?
Thanks!
I've got a pension plan at work where I contribute a percentage of my monthly earnings and the company covers a certain amount. From what I understand, there is a pension tax relief in which my contributions are done tax free. This amount of tax relief is a percentage of my annual salary and that percentage varies according to how old I am.
This year, I was given the opportunity to add part of my annual bonus as a one-off AVC to my pension, but after doing so I have reached my tax relief limit.
I've been looking everywhere, but I can't find what is the tax I'll be paying on every AVC from here on.
Can anyone help me understanding this?
Thanks!