What do I do if I've gone over my annual allowance?

The annual allowance is the amount that can be paid into a pension each tax year, without paying tax. This applies across all your pension savings, not per pension scheme.

The annual allowance is £60,000

For most people, the annual allowance is currently £60,000. 

You are able to contribute more than the annual allowance but you’ll pay tax. Any amount you go over the annual allowance by will be added to the rest of your taxable income for the tax year. This means you’ll pay Income Tax on it, at the rate(s) that apply to you.

What to do if I’ve gone over my annual allowance limit?

If you’ve gone over your limit, please complete this form. We’ll then organise for you to pay tax to HMRC from your pension balance.