How Much Are You Allowed to Save into a Pension?

Annual and lifetime allowances for how much you can save into a pension are changing - act now to maximise your tax-free saving opportunities

Emma Wall 7 March, 2016 | 3:01PM

With less than one month left of this tax year time is running out for ISA and pension investors – or anyone looking to boost their savings and reduce their HMRC bill. Read our Guide to ISAs, Pensions and Tax-efficient investing to make sure you don’t get left behind. 

More than £20.3 billion was contributed into personal pensions last tax year, not far off the peak of £20.9 billion contributed in 2007/08 ahead of the financial crisis and downturn in the UK economy, according to HMRC.

The most recent figures are no doubt bolstered by auto-enrolment, which was introduced in October 2012 and has so far enrolled nearly six million workers from 87,500 companies into workplace pension schemes, taking the total number of workers saving for retirement to 21.3 million.

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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