Annual allowance

What’s the annual allowance?  

  The annual allowance is a limit to the total amount of contributions that can be paid into a defined …

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Is the £40,000 annual allowance gross or net?

This is the gross amount including tax relief.

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If I want to use carry forward to pay a contribution, what forms do I need to complete and do I need to notify HM Revenue & Customs?

You don’t need to use a special form or tell HM Revenue & Customs in advance if you want to …

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Am I able to carry forward unused allowance regarding pension contributions from previous tax years?

  Carry forward allows you to make use of any annual allowance you may not have used during the three …

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What’s the money purchase annual allowance (MPAA)?

This term refers to the reduced annual allowance for contributing to your pensions savings. For the 2021/2022 tax year, the …

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What happens if I exceed the annual allowance limit?

  If you have no scope to carry forward your contributions from the 3 previous tax years, you’ll be required …

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