I left my old job last year which had a DB scheme and was able to join the DB scheme at the new company. But I can't get my head around the Pension Input Amount (PIA) calculation for last year, do I need to do the PIA calculation for both schemes and add them together or pro rata somehow, as I had approx 6 months active membership in both ?
I'm now a Deferred member of the old scheme so I understand I can ignore it for future tax year calculations, just not sure on the transition year.
Also a question on AVC contributions, we use salary sacrifice, do I use the actual amount deducted from my pay or do I gross it up for the tax saved ?
Thanks
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Annual Allowance and PIA
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- Lemon Slice
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Re: Annual Allowance and PIA
The PIA calculation is complicated. Your scheme should provide the information for last tax year on request. If you have exceeded the annual allowance you should get one automatically, eventually (but only if you exceed it within one scheme). If you are in two schemes in the same tax year, you add the two PIAs together.
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- Lemon Pip
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Re: Annual Allowance and PIA
AVC is the amount contributed no need to gross up as it’s already gross
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