We currently allow members to contribute up to £144,000 per year to their Moneybox Pension, subject to the following:
You had a pension open in the previous tax years for which you’d like to use your carry forward;
Your contributions will not exceed the unused available annual allowance; and
the total contributions will not exceed your UK Relevant earnings in the current tax year.
However, you should be aware that there are limits to the level of contributions that attract tax relief. You can benefit from tax relief on up to 100% of your earnings each year on contributions across all your pension schemes, but you'll need to make sure you're not exceeding the annual allowance of £60,000 (including tax relief).
For those earning less than £3,600, you may still contribute up to £2,880 and receive £720 in tax relief.
Contributions include everything you pay into your pension, your employer’s contributions, and any tax relief top-ups from the government. Refer to our article "What is pension tax relief" for more detail on the different limits that can apply.
It is your responsibility to ensure your total pension contributions don’t exceed your tax relief limits. If you contribute too much, you could face an annual allowance charge. It’s also worth knowing that you may have the option to carry forward any unused allowances from the previous three years - this can increase the amount you’re able to contribute before facing a charge.