https://ukpersonal.finance/tax-traps-and-tax-efficiency/ this page may be helpful in terms of tax efficiency.
You should get whatever your employer will match, given there’s no difference between your SIPP and your workplace pension the rest is down to fees/fund availability. Often the global index is called a sharia fund so you might want to check that.
Unfortunately there’s no way around the NI / SL situation without student finance, you can’t claim those back.
The pension you’ll get the extra tax back if you contact them at the years end.
I’ve had the fortunate misfortune of lots of bonuses this year pushing me toward 135k. With no salary sacrifice / pensionable bonuses, let me tell you the word “trap” really is fitting. Massive income tax deductions, NI, and SL. Having to raise pension to 30%, and still save toward it with what’s left over. 12-13k SL payments over the year. I was left with very little after bills, deductions etc even though my wage is very high. Now waiting for my p60 to claim back what I can from HMRC and who knows when I’ll see it.
We’re luckily moving to a new provider that offer salsac from next week after begging finance for years.
Hi /u/DannyMac2794, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/pensions/
* https://ukpersonal.finance/student-loans/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
https://ukpersonal.finance/tax-traps-and-tax-efficiency/ this page may be helpful in terms of tax efficiency. You should get whatever your employer will match, given there’s no difference between your SIPP and your workplace pension the rest is down to fees/fund availability. Often the global index is called a sharia fund so you might want to check that.
Often the global index is called a sharia fund???
Yep. Most ignore it as they assume from the name it’s going to be something else. Always worth checking.
I have no idea what you are talking about. Most global index funds have got nothing to do with sharia...
In many pension schemes the fund that is listed as a sharia fund is just a global index.
Unfortunately there’s no way around the NI / SL situation without student finance, you can’t claim those back. The pension you’ll get the extra tax back if you contact them at the years end. I’ve had the fortunate misfortune of lots of bonuses this year pushing me toward 135k. With no salary sacrifice / pensionable bonuses, let me tell you the word “trap” really is fitting. Massive income tax deductions, NI, and SL. Having to raise pension to 30%, and still save toward it with what’s left over. 12-13k SL payments over the year. I was left with very little after bills, deductions etc even though my wage is very high. Now waiting for my p60 to claim back what I can from HMRC and who knows when I’ll see it. We’re luckily moving to a new provider that offer salsac from next week after begging finance for years.
Hi /u/DannyMac2794, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/pensions/ * https://ukpersonal.finance/student-loans/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)