- Jun 26, 2015
Think someone else has also mentioned it-bang it into an AVC which is seperate from your pension but tops it up if you like (basically it’s just stock piling money for later on after 55).Still not got all the details but they’re talking about £6k+ on target, which according to Google I’d only see just over £3k of as it would be paid in one lump sum in my pay packet.
I just know as I’m PAYE if I do nothing they’ll do that stupid thing where they think that’s your new salary for the year and massively over tax you.
It’s all new to me though. Most I’ve ever had before was a one off couple of hundred quid in my pay packet.
Good thing is that it’s taken out before deductions so for every £80 you put in it’s really worth £100 because if no tax being payed. Not sure there will ever be a bank who will give you 1/5 return on your brass!
Depends obviously which pension scheme your employer is part if, or if you are actually in your employers pension scheme at all!?