What’s the money purchase annual allowance (MPAA)?
This term refers to the reduced annual allowance for contributing to your pensions savings. For the current tax year, the …
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If I increase my contributions, can I get my personal allowance back?
Contributing to your pension pot reduces your taxable income and can give you back some or all of your £12,570 …
View full answer »What’s the maximum amount I can pay into my pension pot?
You can pay as much as you like into your pot, but there are limits to how much tax relief …
View full answer »What’s the minimum amount that I can pay into my pension pot with The People’s Pension?
The minimum total contributions under auto-enrolment have been set down by the government and have increased in stages. The minimum …
View full answer »If I leave the UK can I continue paying into my pension pot?
Yes, you can receive tax relief on contributions up to £3,600 a year for five tax years after moving …
View full answer »Is taking my whole pot as a lump sum right for me?
We can’t provide you with advice on this matter. Pension Wise can give you guidance on your options or you …
View full answer »What affects the amount of my projected pension pot at retirement?
Pensions are long-term savings. Your projected pot at retirement takes into account the following key assumptions: Inflation – this is …
View full answer »Can I change my contribution amount online?
Unfortunately, there isn’t currently the facility to amend your contribution rates through your account. If you’re currently making payments into the …
View full answer »How much do I need to pay into my employees’ pension pots?
If the qualifying earnings basis is being used, the minimum contribution is 8% with at least 3% from the employer …
View full answer »Can employees and/or employers pay more than the legal minimum contribution?
Both employers and employees can choose to contribute more than the legal minimum contributions. There is no minimum contribution level …
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