Paying a lump sum in to pension.

[ihatedogs]

Having taken my pension, I'm now under the MPAA which limits me to £10000 per annum into my pension. I'm now in the new RM pension & my employer/employee contributions this tax year will be approximately £6500. I'd like to top that up to the maximum £10k, but have maxed out my salary sacrifice contributions. What are my options here.
Cheers.

[RobertT]

The MPAA only usually applies when you take the taxable element of a defined contribution(DC) scheme, such as the RMDCP, AVC's, or a personal pension.

It doesn't apply to the main scheme benefits via the RMSPS/RMPP because they are defined benefit(DB). Although I think if you pay tax on the DBCBS, that would trigger the MPAA.

Also, the contributions going into the new RMCPP are split between DC(the pension & AVC's) and DB(the lump sum inc booster). So I believe only the contributions going into the pension and AVC's potentially come under the MPAA. But I'd suggest you ask them to be sure.

There is a section on the RMCPP website that covers this to some degree – you're supposed to tell them if you've taken any taxable DC cash. See the Save & Boost menu for more info.

General MPAA info: https://www.moneyhelper.org.uk/en/pensi ... wance-mpaa

If you've maxed out your contributions to be within PSE and you still want to save into a pension to gain the tax relief, then get a SIPP.

[ihatedogs]

Once again, thanks Robert.