Pensions Flashcards
what is the maximum tax relievable contributions
higher of:
3600
an individuals relevant earnings chargable to income tax
what kind of taxable benefit can is it to pay into an occupation pension scheme for an employer
exempt
what kind of taxable benefit can is it to pay into an occupation pension scheme for an employee
deductible
what must you do to an individuals tax bands when they make personal pension contributions
add the amount of the contributions to the band
what must you do to an individuals tax bands when they make occupational pension contributions
no change
what is the annual allowance that contributors may not exceed in a year
40000
what happens if the full annual allowance is not used in a tax year
it can be carried forward for up to 3 years
can you carry forward unused pension allowance in a year that you are not a member of a pension scheme
no
when must you adjust an individuals annual pension allowance
when there adjusted income is in excess of 150000
what is the minimum you can reduce pension allowance to
10000
what is adjusted income for pensions
net income plus an employee/employer contributions to occupational pension schemes
whats the minimum pension age
55
what is the limit on what you can take out of your pension as a lump size
lower of:
25% or
1,055,000
