New Job with Non-Contributory Pension - what to do with existing personal pension pla

Theo

Registered User
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Hi all
Does anyone know if I can continue to receive tax relief for contributions to my personal pension plan in addition to having the benefit of a non contributory pension in a new job I've been offered?

many thanks
 
You can't continue to claim tax relief on Personal Pension contributions while a member of an Occupational Pension Scheme. You can make the Personal Pension "paid up" (i.e. no further contributions but fund continues to be invested). You can then start an Additional Voluntary Contribution (AVC) of the same amount as you were paying and claim tax relief on it.

Check out the AVC facility (if there is one) in your new employer's pension scheme in terms of charges and fund choice. If it doesn't suit you, you can start your own AVC PRSA with an alternative provider.

Liam D. Ferguson
www.ferga.com
 
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