Pension drawdown glossary
Using annual allowance you did not use in the previous three tax years, on top of this year's allowance, if you were a member of a registered pension scheme in those years. This year's allowance is used first. It cannot be used to increase the Money Purchase Annual Allowance.
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.