Is there a limit on how much I can pay into a pension?

Strictly speaking, no, but there is a limit to the amount you can get tax relief on. You cannot pay in more than your annual UK taxable earnings. You can normally get tax relief on pension contributions to a defined contribution pension scheme of up to £40,000 per year.

This is known as your Annual Allowance. You can top up your allowance for the current tax year (6 April to 5 April) with any allowance you didn’t use from the previous three tax years and you can use the GOV.UK web site to check if you have any unused allowances that you can carry forward.

There is also a Money Purchase Annual Allowance for people who have flexibly accessed their money purchase pension savings but wish to make further contributions to a money purchase pension. You can read more about the Annual Allowance and on the taxation of your private pension contributions on the GOV.UK website.

Note: This content is provided as general background information and should not be taken as legal advice or financial advice for your particular situation. Make sure to get individual advice on your case from your union, a source on our free help page or an independent financial advisor before taking any action.

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