Calis Beach and Fethiye Turkey Discussion Forum

General Topics => All things that have nothing to do with Turkey => Topic started by: legless on February 19, 2018, 18:51:05 PM

Title: Financial Gurus help needed
Post by: legless on February 19, 2018, 18:51:05 PM

 If you are still in full time employment can you take your state pension & put it in a private pension and still get tax relief on the money you put in ????

Thanks in advance 

Title: Re: Financial Gurus help needed
Post by: Colwyn on February 20, 2018, 10:12:07 AM

Looks like you might need professional advice on this one. A thought crossed my mind: if you want to put £500 a month into your pension pot what is the difference between your plan and the alternative of saving £500 out of employment income (on the assumption you get tax relief on this) and spending your pension instead?

Title: Re: Financial Gurus help needed
Post by: jondo on February 20, 2018, 12:01:36 PM

There wouldn't be a problem with that Legless. It's when people 'recycle' their lump sums into personal pensions than HMRC get bothered.

I'm not understanding the question, Colwyn. I'm only a financial adviser!

Title: Re: Financial Gurus help needed
Post by: Colwyn on February 20, 2018, 12:05:49 PM

In which case I withdraw the question in the face of relevant expertise   :) .

Title: Re: Financial Gurus help needed
Post by: jondo on February 20, 2018, 12:19:02 PM

Colwyn, got it! You've basically answered the question in more detail. i.e. it is the same difference.