Hello Everyone
This is, I guess, an easy question for money who are well-versed in pension tax relief. I think I've worked out the answer, but I wonder if anyone can point me to where I can get confirmation - without having the expense of IFA advice...
I'm in the fortunate position of having a reduced annual allowance, as part of my employer's salary sacrifice scheme. This is a fairly recent phenomenon, so I have unused allowance from previous years. I would obviously like to max out my contributions, given the tax relief, but equally I wish to avoid getting my sums wrong and paying tax if I can help it.
There are two parts to questions, both involving sums:
1. How do I calculate what my annual allowance actually is? I suspect it will be close to £10,000, and I've read things about this, but surely there's a reliable ready reckoner?
2. How do I calculate what brought forward unused allowances I can use now?
I have read around the subject, and played with the Hargreaves Lansdown calculator for question 2, but I like to understand what I'm doing as well as having a good check.
Thanks in advance for any help you can offer.