Tax on your private pension contributions
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TAX ON YOUR PRIVATE PENSION CONTRIBUTIONS Skip contents CONTENTS * Overview * Tax relief * Annual allowance * Lump sum allowance OVERVIEW Your private pension contributions are tax-free up
to certain limits. This applies to most private pension schemes, for example: * workplace pensions * personal and stakeholder pensions * overseas pension schemes that qualify for UK tax
relief - ask your provider if it’s a ‘qualifying overseas pension scheme’ Pension schemes must be registered with HM Revenue and Customs (HMRC) to qualify for tax relief. Check with your
pension provider if you’re unsure if your scheme is registered or not. You pay tax when you take money out of a pension. This guide is also available in Welsh (Cymraeg). LIMITS TO YOUR
TAX-FREE CONTRIBUTIONS You usually pay tax if savings in your pension pots go above: * 100% of your earnings in a year - this is the limit on tax relief you get * £60,000 a year - check your
‘annual allowance’ You also pay tax on contributions if your pension provider: * is not registered for tax relief with HMRC * does not invest your pension pot according to HMRC’s rules Next
: Tax relief View a printable version of the whole guide