Pensions are a very tax efficient way of saving for retirement. The Collective Retirement Account (CRA) allows clients to make lump sum and regular contributions. It is also able to receive contributions from a client’s employer or another third party.
Many people want to be able to save as much as they can into their pension. However, there are limits to how much you can save, and understanding the technicalities of the Annual Allowance is key.
Use our calculator to calculate the maximum gross contribution your client can make before the next tax year, using carry forward (if available) and taking into account taper relief, without triggering an Annual Allowance charge.
Calculate the total available funding for your client so that you can maximise the funding opportunities available.
Before you access the calculator we recommend you read our Annual Allowance guide to the data that lists all the data you’ll need upfront to ensure a smooth process.
Note: Please open this calculator using Chrome.
Since the start of the 2016/17 tax year, pension input periods for all registered pensions schemes now run on a tax year basis. There is no scope to terminate an input period early in order to advance the Annual Allowance for the following tax year. However, the rules applying to the transitional changes to input periods that were introduced from July 2015 will still be important where carry forward of unused Annual Allowances is being considered.
