Contributions

Over the course of the pension lifecycle a member may wish to have funds credited to their pension scheme in the form of a contribution. 

Personal contributions made by an individual are unlimited. However, there is a limit on the amount of gross contributions a member may pay each year and benefit fully from tax relief.

Tax relief on personal contributions is restricted to the higher of £3,600 gross or 100% of their relevant UK earnings that are chargeable to UK income tax for the tax year, and tax relief is only given in the tax year that the contributions are made.

Relevant UK earnings are to be treated as not being chargeable to income tax if due to a double taxation arrangement, they are not taxable in the UK. 

Please note that a third party may also make contributions on your behalf and these will be treated as personal contributions and receive tax relief for the party receiving the contribution.

Members may also receive contributions from an employer in the form on an employer contribution, these payment will be made gross and we would not claim tax relief on the payments, but they do count towards the members Annual Allowance.

In order for a contribution to be made to the scheme we will require a fully completed Contribution Form to be completed and returned either via the portal or using the attached form and submission via a Freshdesk ticket.

Please note that before any payment is credited to the scheme we are required to ensure each party making a payment to the scheme has passed all money laundering checks.

For additional information please refer to the following articles on Knowledgebase:

The Tapered Annual Allowance

Self Employed Contributions

The Money Purchase Annual Allowance

Scheme Pays - The Annual Allowance Charge

Contribution Refunds