Pension savings annual allowance calculator - introduction
From 6 April 2011 the annual allowance for tax relief on pension savings in a registered pension scheme was reduced to
£50,000. This includes contributions made by anyone else into your pension such as your employer. If your pension
savings exceed this amount you'll have to pay a tax charge and give details of this on a Self Assessment tax return.
The new rules allow you to carry forward any unused annual allowance from the three previous tax years to offset this
charge.
The 2012 Autumn Budget statement announced the intention of reducing the annual allowance to £40,000 from 6 April 2014.
When you can use this calculator
You can use this calculator to work out whether you have any unused annual allowance that you can carry forward for the tax
years 2008-09 to 2015-16. It can work out this value from all types of pension schemes or a combination of them.
Information you need to use the calculator
You need to know your pension input amount for every tax year that you're using before you can work out if you have any
annual allowance that you can carry forward .The best way to get this information is to ask your pension scheme
administrator to supply it. If you have savings in more than one scheme you'll need to get this information from each
pension provider or scheme administrator.
If you can't get these details from your pension provider or scheme administrator you can use the pension input
amount calculator to estimate the figures. However this calculator can't be used for all types of pension scheme - see the
pension input amount calculator link below.
Using the calculator
If you have savings in more than one type of scheme you need to input the total value of all your pension savings into the
calculator.
The results are based on the information that you put into the calculator so it's important that you enter accurate
information. If you use estimated figures the results will be incorrect.
Useful links
The annual allowance for pension schemes
Annual allowance and lifetime allowance rates
Use the calculators
Go to the pension savings annual allowance calculator
Go to the pension input amount calculator
