In the current tax year (2024/25), the annual allowance is capped at £60,000 and applies across all your pension savings (excluding State Benefits). If the contributions to your pensions exceed the annual allowance, a tax charge ('the annual allowance charge') may become payable
In the current tax year (2024/25), the annual allowance is capped at £60,000 and applies across all your pension savings (excluding State Benefits). If the contributions to your pensions exceed the annual allowance, a tax charge ('the annual allowance charge') may become payable
In the current tax year (2024/25), the annual allowance limit is £60,000 and applies across all your pension savings (excluding State Benefits). If the contributions to your pensions exceed the annual allowance, a tax charge ('the annual allowance charge') may become payable.
Your annual allowance may be reduced if you’ve already taken taxable money from your pension pot (known as the money purchase annual allowance) or have income of £200,000 or more from 6 April 2020 (known as the tapered annual allowance). It may also be possible to contribute more than your annual allowance and still benefit from the tax relief by using unused allowance from up to the three previous tax years (known as carry forward).