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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 …

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What’s a ‘pension input period’?

  This is the formal term for the dates your pension contributions are measured against the annual allowance (the limit …

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Does State Pension benefit count towards my annual allowance?

  No, only your private pension benefits count towards your annual allowance.

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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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How do you inform me if I exceed the annual allowance?

  If your contributions in a tax year exceed the annual allowance, we must provide you with a pension savings …

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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 2018/2019 tax year, …

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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 three previous tax years, you’ll be required …

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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 …

View full answer >>

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

  This is the gross amount including tax relief.

View full answer >>

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 …

View full answer >>

What’s a ‘pension input period’?

  This is the formal term for the dates your pension contributions are measured against the annual allowance (the limit …

View full answer >>

Does State Pension benefit count towards my annual allowance?

  No, only your private pension benefits count towards your annual allowance.

View full answer >>

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 …

View full answer >>

How do you inform me if I exceed the annual allowance?

  If your contributions in a tax year exceed the annual allowance, we must provide you with a pension savings …

View full answer >>

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

  This term refers to the reduced annual allowance for contributing to your pensions savings. For the 2018/2019 tax year, …

View full answer >>

What happens if I exceed the annual allowance limit?

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

View full answer >>