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Allowances

All your pension allowances explained and simple guides to the tax rules surrounding pensions.

Guides

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Tax tables

These tax tables provide valuable information on tax limits, benefits, allowances and rules for the tax year 2024/25. .

16 April 2024

6 pages

5 April 2025

Videos

To view these videos and to make sure you’re always watching the most up-to-date version, we suggest you embed them on your own internal platform. Find out how

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Pension Allowances with Mark Watson

Comedian Mark Watson gives a quick and easy overview of pension allowances – annual, tapered and Money Purchase (MPAA). Part of the Pension Sessions series.

1 May 2024

07:51

1 May 2025

Annual allowance

You can put as much as you like into your pensions each year, but you only get tax relief on contributions up to £60,000 a year. This short video explains the annual allowance and what happens if you exceed it. Part of the Money Lab series.

14 Feb 2024

02:42

30 Sept 2024

Asset Classes

Asset classes describe the different types of thing you can invest your money in, whether that's commodities, property, bonds or something else. Learn the basic pros and cons of the five main classes. Part of the Money Lab series.

08 Mar 2024

03:01

30 Sept 2024

Tools

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Annual allowance calculator

You only get tax relief on pension contributions up to £60,000 a year. Our annual allowance calculator can help you estimate your contributions so you can make sure you stay within your limit.

13 Jan 2023

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Guides

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How does the annual allowance work?

This useful factsheet tells you what the annual allowance is, how to check your contributions and what happens if you exceed your allowance.

13 Jan 2023

  4 pages

31 March 2025

Making pension tax relief work for you

The idea behind tax relief is to encourage people to save for retirement. This guide explains all about tax relief on pension contributions and how to use the ‘carry forward’ rule if you need to.

13 Jan 2023

   8 pages

31 March 2025

How pension withdrawals are taxed

If you’re thinking about taking a lump sum, setting up an income or changing an income instruction, it’s important to understand how tax could affect those payments. This guide explains which tax rules apply. 

13 Jan 2023

  16 pages

31 March 2025

Money Purchase Annual Allowance (MPAA) – a guide

If you take more than your 25% tax-free amount from your pension while you’re still working, it could reduce your annual allowance and make future contributions less tax-efficient. This guide to the MPAA explains it in full. 

13 Jan 2023

  4 pages

31 March 2025