Paying lump sum into pension for last year

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Mark_jmc

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Hi ,
I did not pay any money into a pension last year- I was in a contract role with a company that ended on Dec 2019.
I am starting a new role with a different company next week. I had saved money to tide me over in the event that I was out of work for a while.

Can I pay a lump sum into the pension scheme of the new company that I'm joining this year and take advantage of last year's tax relief that I did not utilize?

Hope this makes sense
Best regards,
Mark
 
Mark_jmc said:
Hi ,
I did not pay any money into a pension last year- I was in a contract role with a company that ended on Dec 2019.
I am starting a new role with a different company next week. I had saved money to tide me over in the event that I was out of work for a while.

Can I pay a lump sum into the pension scheme of the new company that I'm joining this year and take advantage of last year's tax relief that I did not utilize?

Hope this makes sense
Best regards,
Mark
Click to expand...
Hi Mark,

From a recent meeting with a pension advisor, the answer is yes you can (at the very least you can make a payment into a pension fund that you can set up separately like an AVC). The only stipulation is that you have to do it by October 31 2020.

Best regards,

Opus2018
 
thanks for the reply, my confusion is arounr the fact that I would be paying it into a pension fund that I am only joining this year and using tax relief from last year
 
That’s fine, joining the pension scheme this year and utilizing tax relief for previous year is fine. That’s the way it works, you always have up to October (or mid November of doing return online) to make pension contribution using relief from previous year.
 
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