Pension news

Removal of the 15% limit on pension contributions

04 October 2018

The limit on the amount of pension contributions you can make to the Plan has now been removed. Previously, you could only contribute up to 15% of your total taxable earnings into the Plan, either as normal contributions (not including matched Company contributions) or as additional voluntary contributions (AVCs). 

What does this mean for me?

If you are already contributing the maximum normal contributions into your Pension Pot and would like to make AVCs, we’ve made things easier.

With this limit now removed you have more choice, although you still need to take into account the tax implications of the Annual Allowance and the Lifetime Allowance when making your contribution decisions. 

What do I need to do now?

There is nothing you need to do, but this may be a good opportunity to review your contributions into the Plan and consider making AVCs. More information about AVCs can be found on the Plan website.
If you are a member of the Auto Enrolment Section of the Plan you may also want to consider switching to the Money Purchase 2003 Section to maximise your savings through double-matched contributions before making AVCs into the Plan. By making the switch you could benefit from increased employer contributions helping you to boost your retirement savings, as well as significantly better ill-health and death benefits.

Help and support

If you would like to know more or if you have any specific questions you can contact us in a number of ways. Our contact information can be found here.