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Pension Contributions

Hello,

I'm applying for student finance to start a course in 2015/16 and my parents and I have become confused by what pensions to include in the deductions question.

We filled out my mothers form on Saturday, and she works in a state school and pays 6% each month into LGPS. We imputed the total amount for the 2013/14 tax year into her application and submitted it. Only upon filling out my fathers form tonight have we realised we may have been wrong to include this, were we? If so, how can we remove this figure?

My father pays voluntary pension contributions from his salary. Do we mention his yearly payment in his application or not? We haven't filled out this section yet due to confusion over the meaning.

Online it is unclear whether you include these or not, as upon looking at the downloadable form that you can fill out to give household income, it never mentions not including work based pensions. This implies that people who fill out the paper form would include salary based contributions, even if you're not meant to.

Thanks for any help.

Posted from TSR Mobile

Reply 1

Mark Lee - SFE Official Adviser

Official Rep

Hi there.

Any pension that is taken directly from salary is an occupational pension, not a private pension. This is already factored into the salary so we don't need a specific figure given, just the gross income.

Additional voluntary contributions are where a person manually pays an additional amount on top of their normal deduction for pension and we would take into consideration the total manual payment made in that particular tax year when assessing.

Thanks.

Reply 2

Mini-Me