While the rules are more complex for high earners, for most people with a personal pension plan, the maximum they can contribute to their pension is £40,000 per year or the amount of their annual taxable earnings, if less. Contact us if you want to find out what your maximum contribution would be.
There is also a maximum Pension Lifetime Allowance. The Government has put a limit on how much you can build up in your pension over your lifetime. This currently amounts to £1,055,000 and is intended to increase each year in line with the rate of inflation. For those with pensions related to their salary and years of service, there is a formula which gives an equivalent value that can be built up.
No comments:
Post a Comment