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## Pension Input Amount calculation for Defined Benefit Pension

Practical Issues
webbm00
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### Pension Input Amount calculation for Defined Benefit Pension

Can someone confirm that the calculation below is correct for my pension input amount. This is the start of trying to understand how much unused allowance I have to put a lump sum into my SIPP this tax year

2022/23 earnings £70,000
2022/23 Def Benefit Pension £24,500 =(21/60)*£70,000
Opening Value £404,152 =£24,500*16*1.031

2023/24 earnings £75,000
2023/24 Def Benefit Pension £27,500 =(22/60)*£70,000
Closing Value £440,000 =£24,500*16

Pension Input Amount £35,848 =£440,000-£404,152

kempiejon
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### Re: Pension Input Amount calculation for Defined Benefit Pension

I have used this tool previously.
Not sure if it agrees with your figures, have a try.
By this tax year I guess you mean for the couple of weeks so you'd better get a wiggle on. Did you add a lump sum last year? If not you've some slack for this year.

webbm00
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### Re: Pension Input Amount calculation for Defined Benefit Pension

kempiejon wrote:I have used this tool previously.
Not sure if it agrees with your figures, have a try.
By this tax year I guess you mean for the couple of weeks so you'd better get a wiggle on. Did you add a lump sum last year? If not you've some slack for this year.

The tool agrees once I used 10.1% CPI

No lump sums last year but I was thinking I needed to use my unused allowance from the last three years to cover a lump sum payment but with CPI at 10.1% I've got plenty of scope

and yes I've left it a bit late to sort out

kempiejon
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### Re: Pension Input Amount calculation for Defined Benefit Pension

webbm00 wrote:No lump sums last year but I was thinking I needed to use my unused allowance from the last three years to cover a lump sum payment but with CPI at 10.1% I've got plenty of scope

So I think you can add up to £60k net this year if you have it.