1 Contibuting to Pensions

Question 1

To contribute to a pension must be?

Answer 1

either
Under 75
have UK relevant earnings or
resident in UK during that year -

Question 2

Claim Relief on

Answer 2

£3,000 or 100% of UK relevant earnings

Question 3

MPAA

Answer 3

Reduced Allowance of £10,000 if triggered if UFPLA, FAD etc (or £20K pre align year)
Only triggered when member requests changes not triggered if dependent, nominee or successor

Question 4

Annual Allowance

Answer 4

2 tests Threshold Income and Net Adjusted Income

Question 5

Net Income

Answer 5

Income from all sources less deductions loan int, prof mem, trading losses and net pay scheme contr to emp scheme

Question 6

Threshold Income Test

Answer 6

Net Income + any Sal Sacrifice less gross amount of any relief at source paid by individual.ie PPP

Question 7

Net Adjusted Income

Answer 7

Net Income + any gross net pay (were deducted to the net income) +Employer input value (less member net pay cont)

Question 8

When Taper Annual Allowance?

Answer 8

If threshold inc over £110K and Net Adjust Inc over £150K.

Reduced AA £1 for every £2 over £150K from £40K to a min of £10K