Skip Header

Make the most of your pension allowances

Find out how to make the most of the tax-efficient pension allowances with our handy guides. They can help you understand what allowances and limits might apply to you and how to maximise your pension savings.

Important information - the value of investments can go down as well as up so you may not get back what you invest. Eligibility to invest in a pension and tax treatment depends on personal circumstances and all tax rules may change in the future. You can’t normally access money in a pension until age 55 (57 from 2028). 

Tax relief

Tax relief is a government tax-break intended to encourage you to save for your retirement. The amount of tax relief you are entitled to depends on a range of factors relating to your personal situation. We can help you understand more about how the tax relief rules might affect your contributions.

Find out more about tax relief

Lifetime allowance

The lifetime allowance is set by the government to limit how much you can build up in pension benefits over your lifetime while still enjoying full tax benefits. We can help you understand more about how you can manage this allowance to maximise the tax efficiency of your pensions.

Find out more about lifetime allowance

Annual allowance

The annual allowance is the limit on how much you can save into your pensions each tax-year while still benefiting from tax relief on your contributions, any employer contributions and any contributions made on your behalf by someone else.

Find out more about annual allowance

Tapered annual allowance

The tapered annual allowance further limits the amount of tax relief high earners can claim on their pension contributions by reducing the annual allowance. Read more about how this might affect you and the steps you can take to make your contributions more tax-efficient.

Find out about tapered annual allowance

Carry forward

Carry forward allows you to make use of unused annual allowances from the three previous tax years if you have used up your annual allowance for the current tax year, thus increasing the amount of tax relief you can claim. Find out how this works and how you might be able to claim it.

Find out about carry forward allowance

Money purchase annual allowance

Once you begin taking taxable money from your pension pot using pension freedoms, generally you will be subject to a reduced annual allowance that limits the tax relief that you can receive on future contributions. Find out more about how and if this might affect you.

Find out about money purchase allowance

Making the most of your tax allowances

Learn more about how to use your tax allowances to become a tax-efficient saver.

Your 2022/23 tax allowances

Explore this year's investment tax allowances, together with the latest tax rates.

Important information: This information is not a personal recommendation for any particular product, service or course of action. Pension and retirement planning can be complex, so if you are unsure about the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s retirement service on 0800 368 6882 or refer to an authorised financial adviser of your choice.