Hello
In a previous employment, I was provided with a personal pension plan into which my employer made regular Gross monthly contributions(for nearly 10 years). I left the company 3 years ago and the plan has had no further contributions made to it. I have since setup my own Limited Company as an IT Contractor(I am the Director and take a minimum salary + dividend) and I'm keen to start making contributions again.
The pensions company has indicated that I can restart Gross Employer Contributions from my Limited Company at any time.
- Are there any issues/obstacles in paying into a pension plan that was setup by my previous employer? The facility seems to be there and the pensions company seem to be happy for me to restart contributions via my Limited Company and have provided the forms to do so.
- For contributions via my Limited Company, does the plan just need to just accept Gross Employer Contributions(which mine does) or does it need to be a particular type on pension?? I’ve heard the phrases Directors Pension, Executive Pension and Personal Pension banded about. What is the difference between these and does it really matter what it is called? Does HMRC have a particular preference?
- What is the maximum monthly contribution I can make from the company and does this impact how much salary or dividends I can take in the future?
Best Regards,
Piyush
In a previous employment, I was provided with a personal pension plan into which my employer made regular Gross monthly contributions(for nearly 10 years). I left the company 3 years ago and the plan has had no further contributions made to it. I have since setup my own Limited Company as an IT Contractor(I am the Director and take a minimum salary + dividend) and I'm keen to start making contributions again.
The pensions company has indicated that I can restart Gross Employer Contributions from my Limited Company at any time.
- Are there any issues/obstacles in paying into a pension plan that was setup by my previous employer? The facility seems to be there and the pensions company seem to be happy for me to restart contributions via my Limited Company and have provided the forms to do so.
- For contributions via my Limited Company, does the plan just need to just accept Gross Employer Contributions(which mine does) or does it need to be a particular type on pension?? I’ve heard the phrases Directors Pension, Executive Pension and Personal Pension banded about. What is the difference between these and does it really matter what it is called? Does HMRC have a particular preference?
- What is the maximum monthly contribution I can make from the company and does this impact how much salary or dividends I can take in the future?
Best Regards,
Piyush
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