If you are employed or a company director, the maximum your company can put into your pension in the current year is £50,000, although you may be able to take advantage of earlier years if you had made a contribution smaller than that in those years. If you are making contributions on your own, the maximum you can contribute is up to 100% of your earnings for that year – subject to the £50,000 maximum. Note: The maximum total you are allowed to have in pensions is £1,500,000 – admittedly not something that most of us have to worry about!
Contracting out of SERPS (now the State Second Pension Scheme) will stop on 6 April 2012 for everyone. You then automatically go back into the State Second Pension Scheme. You do not have an option.
Compulsory pensions! From October next year all employees will be required to join a pension scheme provided by their employer and both employee and employer will be required to make contributions.
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