Shropshire County Pension fund

Taking care of your Local Government Pension in Shropshire

Tax and Pension Benefits

You can, if you wish, pay up to 100% of your taxable earnings in any tax year (or £3600 if greater) into any number of concurrent pension arrangements of your choice. However, there are limits on the total amount of contributions you can make into all of your various pension arrangements and receive tax relief. There are also limits on the pension savings you can have before you become subject to a tax charge. This is in addition to any tax due under the PAYE system on pension payments. If these limits are exceeded, a tax charge may be incurred.

There are two main allowances for pension savings – a lifetime allowance and an annual allowance. These changes may affect the amount of pensions savings you can pay each tax year and/or over your lifetime for tax relief purposes.

Click on the below links for more information on annual allowance or lifetime allowance.

You should review the information provided by HMRC found here.

More information

Annual Allowance

Lifetime Allowance