Whether you need help with growing your business or advice on optimising your personal or family finances, we are here to help you get the best results.

Making the most of the pension annual allowance

People carrying forward any unused pensions allowance from the 2013/14 tax year must do so before 6 April 2017.

The current annual allowance for pension contributions is £40,000. In most cases contributions above this do not receive tax relief.

People can top up their contributions for the current tax year with any unused allowance from the previous 3 tax years.

The annual allowance was £50,000 between 6 April 2011 and 5 April 2015.

Any unused allowance from the 2013/14 tax year must be carried forward before the new tax year on 6 April 2017. After this date any unused allowance will be lost.

According HMRC, 3,900 people reported that they had saved more than the annual allowance in 2012/13. This increased by 79% to 7,000 people in 2014/15. 

Steve Webb, policy director at Royal London, said:

“Savers have just a few weeks to use up spare allowances from 2013/14. It is worth anyone in this position finding out urgently how much they have spare from earlier years”.

Contact us today to discuss financial planning.