Hopefully I have chosen the right forum for this question
I am currently part of my employers pension scheme. They give me 5% of my salary and I top this up by 16% voluntary contribution, meaning 21% goes into my pension pot. As this is done via salary sacrifice, there is no need to claim back the tax and I also get a reduction in NI too.
Anyway, I want to stop these voluntary contributions, take the cash as taxed salary and then pay it into my Interactive Investor SIPP.
My understanding is that as these SIPP payments are not longer classed as salary sacrifice, I will not then get the NI reduction?
Is this correct or is there perhaps a way to claim back 'overpaid' NI via a tax return or some other way?
My assumption is that I will loose the NI incentive, but just checking?
I hope this makes sense.......TIA.........Paul
Moderator Message:
I think you'll get a better response on the Pensions board so I've moved it there for you (with a link left to the original) (chas49)
I think you'll get a better response on the Pensions board so I've moved it there for you (with a link left to the original) (chas49)