Answered by Neil Adams
If you have ‘flexibly accessed’ your pension benefits already you are subject to a new £4,000 annual cap on your pension contributions. This is known as the money purchase annual allowance and is designed to prevent ‘pension recycling’.
However, for those who have accessed their pensions through an old branch of income drawdown, known as capped drawdown, they can still put the full £40,000 annual allowance into their pension in any given tax year providing they do not breach the previously agreed cap.
Frequently Asked Pensions Advice Questions
Excellent service renewing our medical insurance, professional advice, good rates found and excellent professional after service, highly recommended.
Nadeem was brilliant. He was very patient and worked very well with me to come up with the best solution possible for my budget. Perfect solution. Thank you very much.
Dealt with me promptly and provided me with the most cost-effective option consistent with my requirements. Very pleased and thank you.