The threshold for when the annual pension allowance of £40,000 is reduced has changed since April 2020. This means that where individuals were previously restricted to putting in £10,000 a year, they may now be able to put in more.
Alternatively, if an individual’s income levels still mean that their annual allowance is reduced, the reduction of the amount to contribute has been reduced from £10,000 to £4,000. This may mean that employer contributions in a workplace pension alone may push individuals into a pension charge situation.
If you feel like you may need a pension allowances review, please do just let us know. We can calculate any brought forward allowances available for use