Can anyone confirm or deny that someone whose earnings are below the tax threshold can pay £2,808 into a pension fund this year and the government will top it up to £3,600? The information I have seems to suggest this, but I can't believe that the government is really this generous. I'm wondering if what they really mean is anyone can invest up to £3,600, but only those who have paid more than £700 in tax can get that back as tax relief.
Pension contributions
Mar 19, 2005
3 Replies
Yes.
Yes, but they must be under age 75, and not earning more than 30,000 p.a. if they are already a member of an occupational pension scheme.
Rob Graham
Yes, but the money you take out of the pension fund is mostly taxable, and can reduce your entitlement to other benefits, so it isn't necessarily as good as it sounds.
No.
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required