Are there limits on how much I can contribute?
Yes. Pension contributions are subject to annual allowance rules and eligibility limits based on your earnings.
You can usually contribute up to £60,000 each year into pensions, although this limit may be lower depending on your earnings and personal circumstances, for example, if you’re a higher earner or have already accessed pension benefits.
Quilter Invest does not check your personal eligibility upfront. If you contribute more than you are entitled to, you may need to repay tax directly to HMRC. You are responsible for:
- Monitoring your pension contributions
- Ensuring you are eligible for the tax relief you receive
The maximum amount of tax relievable pension contributions you can make depends on your earnings and the current annual allowance rules.
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’