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Teachers' Pension

5 replies

MidnightHag · 24/05/2012 10:56

I would be grateful for advice from anyone who is in a similar position, or who has expertise. I am a part-time teacher who is paying into the Teachers'Pension Scheme. I am looking to boost my pension by buying additional pension benefits (APBs). I would probably be investing around £300 a month, in order to gain £1000 a year extra pension on my eventual retirement. Can I claim back tax on this investment? If so, how?
Many thanks

OP posts:
CogitoErgoSometimes · 24/05/2012 12:03

Do you complete a self-asssessment tax return each year?

violathing · 24/05/2012 12:09

Pension payments are deducted from your salary before tax is deducted?

CogitoErgoSometimes · 24/05/2012 12:58

HMRC Tax Relief on Pension Contributions

Occupational or public service pension schemes

Usually your employer takes the pension contributions from your pay before deducting tax (but not National Insurance contributions). You only pay tax on what's left. So whether you pay tax at basic, higher or additional rate you get the full relief straightaway.

MidnightHag · 24/05/2012 14:52

No, I don't complete a tax return each year. However, it's helpful to know that the pension contributions are deducted before tax is. Thank you so much for taking the time to reply.

OP posts:
bamboostalks · 25/05/2012 12:29

Post on the TES forums, you will get good advice. Or phone the TPS, they are very helpful.

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