- Tax relief available for personal contributions: higher of £3,600 (gross) or 100% of relevant earnings (max. £40,000).
- Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the individual.
- The £40,000 limit may be reduced where 'adjusted net income' exceeds £150,000.
- The limit may be reduced to £4,000 once money purchase pensions are accessed.
- Where the £40,000 limit is not fully used it may be possible to carry the unused amount forward for three years.
- Employers will obtain tax relief on employer contributions if they are paid and made 'wholly and exclusively'.