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Can someone please explain to me about putting more money in pension to pay less tax

27 replies

TwigTheWonderKid · 30/01/2024 16:47

DH has become a higher rate tax payer, His taxable income for YE 2023 was £46860 and so he paid £7540 at basic rate and £3664 at the higher rate. He works at a university and has a workplace pension.

This is all new to us and normally we'd let it go because we both believe paying tax is a good thing, however, I have Stage 4 cancer so it would be good if DH could be a bit more financially secure when he retires and I'm not around.

Please can someone explain to us if he can do this and if so, how much extra can he put in ( I assume there are restrictions)?

OP posts:
Mia85 · 01/02/2024 15:59

Really sorry to hear about your diagnosis OP.

Is he in USS? If he is then the standard pension contributions have just been reduced so he will have lower contributions from this pay packet. There are lots of knowledgeable people on the moneysavingexpert pensions forum on USS.

TwigTheWonderKid · 01/02/2024 21:43

Mia85 · 01/02/2024 15:59

Really sorry to hear about your diagnosis OP.

Is he in USS? If he is then the standard pension contributions have just been reduced so he will have lower contributions from this pay packet. There are lots of knowledgeable people on the moneysavingexpert pensions forum on USS.

Thanks @Mia85 yes, he is in USS. I spent ages looking at his USS account" last night but it's a bit confusing with all the changes.

OP posts:
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