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13 Aug 2019, 22:36
I retired last year just before age 60 and am drawing a pension from the NRA60 scheme. I decided to leave the NRA65 pension untouched until I reach 65 years old.
Am I allowed to 'invest' odd amounts into the NRA65 (or the NRA60) scheme and benefit from tax relief on the contributions? If so, are there any pitfalls I need to be aware of?
13 Aug 2019, 23:03
No you can't because you have left the company. The thing to do would have been to pay something weekly in the NRA65, via AVCs. This would have allowed you to have more pension, as the AVCs would have paid for some of your lump sum.
A better idea would have been to pay AVCs into the NRA60 pension before you retired. That would have given you a greater NRA60 pension.
13 Aug 2019, 23:14
Thanks for your reply. I only asked because a friend who retired from BT is doing it, the difference being his scheme is now run by an outside firm and he has to pay a reduced management fee.
14 Aug 2019, 07:51
There is nothing stopping you paying into a self invested personal pension (SIPP) though. They're easy to set up, you can pay in however you choose and receive tax relief too at your prevailing rate.
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