Antony Jenkins

Thanks for the reply. Here’s the more detailed question: I want to make a lump sum contribution to my Personal Pension pot. I have unused allowance for the last 3 years (2021-22 to 2023-24) and wanted to check that my workings are correct before I make the contribution. In year 2021-22 I earned £43k from PAYE Salary + Bonus + Side Hustle [SH] items, in 2022-23 16k from Self Employment and SH, and in 2023-24 £15k from Self Employment and SH again. In the same years I understand my Allowances would have been 40k [limited by the 40k rule as I earned more], 16k and 15k respectively. [being max. 100% of Income]. I understand that I could have therefore made 71k in contributions (being the sum of the Allowances noted above) during these 3 years. My actual Cumulative Contributions for the last 3 years were just 1,091 - which came from the PAYE employment period. As I only paid in 1,091 I believe have the ability to pay in just under 70k this year (if I had that much). I only want to pay in 35k - being the proceeds from a savings account that has matured after being locked away for 3 years. These savings came from a redundancy package after 21 years employment. I am in receipt of a DB pension (since age 50), but I have not started to take any of my Personal [DC] Pension pot. I want to add to it with this lump sum and leave it there to continue to grow for at least the next 5 years. Can you confirm that a) I can make this 35k pension contribution, and b) I will receive the tax relief on it too? If I can’t do the £35 what can I do and have the tax relief please? Thanks

Hello- I want to make a lump sum contribution to my Personal Pension pot. I have unused allowance for the last 3 years (2021-22 to 2023-24) and wanted to check that my workings are correct before I make the contribution. In year 2021-22 I earned £43k from PAYE Salary + Bonus + Side Hustle [SH] items, in 2022-23 16k from Self Employment and SH, and in 2023-24 £15k from Self Employment and SH again. In the same years I understand my Allowances would have been 40k [limited by the 40k rule as I earned more], 16k and 15k respectively. [being max. 100% of Income]. I understand that I could have therefore made 71k in contributions (being the sum of the Allowances noted above) during these 3 years. My actual Cumulative Contributions for the last 3 years were just 1,091 - which came from the PAYE employment period. As I only paid in 1,091 I believe have the ability to pay in just under 70k this year (if I had that much). I only want to pay in 35k - being the proceeds from a savings account that has matured after being locked away for 3 years. These savings came from a redundancy package after 21 years employment. I am in receipt of a DB pension (since age 50), but I have not started to take any of my Personal [DC] Pension pot. I want to add to it with this lump sum and leave it there to continue to grow for at least the next 5 years. Can you confirm that a) I can make this 35k pension contribution, and b) I will receive the tax relief on it too? Thanks

Questions about how much you can contribute to your Personal Pension if you had a lump sum available, and the Tax Relief available - if you have not used all your Pension Allowance over the previous 3-year period