As the 2024/25 tax year draws to a close, you should act now if you plan to make personal pension contributions and want to benefit from the associated tax reliefs.
Timing is everything.
When is the deadline for pension contributions for this tax year?
To claim relief in this tax year, your pension provider must receive your contribution by 5 April 2025. Contributions made after this date will count towards the next tax year—potentially limiting your available reliefs.
Maximise your allowance while you can
Eligible individuals can contribute up to £60,000 this tax year and receive Income Tax relief.
If you have unused allowance from the last three years, carry forward rules may allow you to contribute even more.
Tax relief is awarded based on your income:
- Basic rate taxpayers – 20 per cent
- Higher rate – 40 per cent
- Additional rate – 45 per cent
Be aware of contribution limits
Not everyone is entitled to the full £60,000.
- Accessed your pension flexibly? You could be restricted to £10,000 under the Money Purchase Annual Allowance (MPAA).
- High earners with income over £260,000? Your allowance may be tapered.
Avoid late payment pitfalls
Many pension providers impose earlier cut-off dates to process payments.
Waiting until April could leave you empty-handed with no relief, no carry forward, and no do-overs.
Unsure of your limits?
Tax rules around pensions can be complex. Our team can help you:
- Determine your personal allowance
- Identify unused carry forward amounts
- Plan an efficient contribution strategy
Talk to us now to take control of your pension planning and avoid last-minute surprises.