PENSION

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
CAN ANYONE HELP ME UNDERSTAND PERSONAL PENSIONS BETTER FOR PTC EXAM COMING UP..... I JUST DON'T HAVE A CLUE<BR><BR>THANKS

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    PENSION

    Okay, personal pensions eg stakeholder pension schemes are paid net of basic rate tax therefore additional tax relief is given by extending the 22% rate by the gross amount of the contribution.<BR>Annual contributions of up to £3600 gross (contributions threshold) can be made by or on behalf of someone with no relevant earnings.<BR>These are different from occupational pension schemes where an employee can deduct contributions from his earnings. <BR>Hope this helps, good luck with your revision.<BR>Edith

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