Pension drawdown glossary
The most that can be paid into your pensions in a tax year, by you and anyone else, before a tax charge applies: £60,000 for most people. Tax relief on your own contributions is also limited to your UK earnings for the year. The allowance is lower if you have flexibly accessed a pension or have a very high income.
Source: GOV.UK: annual allowance · Last reviewed 24 September 2026
See every term in the A–Z glossary. Definitions are general information for the 2026/27 tax year, not personal advice.
Important: The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and benefits depend on individual circumstances. This is not financial advice.