Although the current legislation does not impose any limits on contributions, it does impose restrictions on the amount of tax relief granted on contributions. 

Tax relief for individuals

An individual will receive tax relief if their personal contributions to a Registered Pension Scheme do not exceed the greater 100% of their relevant UK earnings and £3,600pa with an overall maximum limit of the £60,000 Annual Allowance.

For example, if your salary in the current tax year is £30,000 this is the most you can add across all your pensions and receive tax relief.

How much can I contribute to my pension scheme?

How much you should put in to your pension depends on your personal circumstances. Pension and tax rules can change, but as a rule of thumb, if you want to retire at 65, you should consider saving an annual percentage of your salary that is equal to at least half your age when you start saving.

Carry forward of unused allowances

If you have not used your full Annual Allowance from previous years, you might be able to carry it forward and use it in the current tax year.

Carry forward can work for you if you have contributed less than the Annual Allowance in the previous three tax years and were a member of a UK registered pension scheme during that time.

The value of an investment with St. James's Place will be directly linked to the performance of funds you select, and the value can therefore go down as well as up. You may get back less than you initially invested.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax reliefs depends on individual circumstances.