Carry forward guide
Read our carry forward guide to find out if you might be able to contribute more than the annual allowance into your pension this tax year.
Download the guideThe carry forward rules enable you to use any unused annual allowance from the last three tax years.
The annual allowance is the maximum amount that can be paid into your pensions in a year with the benefit of tax relief. For most people it is currently £60,000. If your total contributions exceed your annual allowance, you may have to pay a tax charge.
However, you may be able to contribute more than your annual allowance to your pension pot in a single tax year and still benefit from tax relief, if you ‘carry forward’ unused annual allowances from the last three tax years.
Please note, if you have triggered the money purchase annual allowance, carry forward cannot be used to make higher contributions than the money purchase annual allowance amount, currently £10,000, to any money purchase pensions you own. Find out more about the money purchase annual allowance.
To be able to carry forward any unused annual allowance you need to adhere to certain conditions. You can find out about these in our guide below.
Read our carry forward guide to find out if you might be able to contribute more than the annual allowance into your pension this tax year.
Download the guideImportant information - The value of investments can go down as well as up, so you may get back less than you invest. Tax treatment and eligibility to invest in a pension depend on your personal circumstances. All pension and tax rules may change in future.
You cannot usually withdraw money from a pension until you are 55.
This information is not a personal recommendation for any particular investment, you are responsible for deciding whether an investment is suitable for you. In doing so, please remember that past performance is not a guide to future performance, the performance of funds is not guaranteed and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. You should regularly review your investment objectives and choices and if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser.
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