If you use up all of your annual allowance in one year, it’s possible to contribute more to your pension with unused allowances from previous years and still receive tax relief. We apologise for any inconvenience caused.

Your annual allowance is the most you can save in your pension pots in a tax year (6 April to 5 April) before you have to pay tax. By continuing to access this site, you acknowledge that you are a UK financial adviser. Enter your client’s existing and expected pension input amounts and this tool will show: the amount of unused Annual Allowance, including any carry forward Run scheme-specific individual or multiple outputs that you can use with employers and employees to show the savings provided by our Salary Sacrifice/Exchange option. For UK financial advisers only, not approved for use by retail customers. PruAdviser on-line services will be unavailable from 20:00 on Saturday 28 November until 12:30 on Sunday 29 November for website maintenance. If you’re not a UK financial adviser, please visit the customer website: pru.co.uk. What is the annual allowance? Compare your clients’ current pension plans with the fund that could be available if it was switched to Scottish Widows Retirement Account.
These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom. If you continue to use this website, you are agreeing to our use of cookies. This tool calculates unused annual allowances, the effect of the tapered annual allowance and the maximum a client can pay into their pension, for the current tax year, without exceeding their annual allowance. This report will help you do this. Let Offset make your clients' money work harder for them. Make sure the current annual allowance is used up. The results are based on our current understanding of legislation and HMRC practice. "Prudential" is a trading name of Prudential Distribution Limited. Subtract the PIA from the annual allowance the answer is the amount that can be carried forward … This includes contributions made by anyone else into your pension such as your employer. Registered number SC212640. Key features of our Annual Allowance calculator Three aspects of Annual Allowance.

Calculate the pension input amounts (PIA) for the three carry forward years. Add this tool to your favourites and use it even when you’re not online. For more information, see our. For more information, see our cookie notice. Enter your client’s existing and expected pension input amounts and this tool will show: Learn about Annual Allowance and Pension Tax Relief, and how to use the calculator by watching this webinar. Environmental, Social & Governance range of funds, Support on improved online services for Retirement Account, Annual allowance for pension savings article, Carry forward of unused annual allowance for pension savings article, How to use our annual allowance calculator tool, the amount of unused Annual Allowance, including any carry forward, if your client will be subject to the tapered Annual Allowance and have a personal Annual Allowance of less than the current £40,000. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. This tool now includes all our Fund Supermarket funds.

Please note this means that on Monday 16 November, you will not be able to access any of the online services normally available. Our flexible propositions to support different employers and complement the work of advisers. The annual allowance is a limit to the total amount of contributions that can be paid to defined contribution pension schemes and the total amount of benefits that you can build up in defined benefit pension scheme each year, for tax relief purposes. Compare and analyse funds and keep track of their performance. But these might change without notice and the tool doesn’t take into account all of the possible circumstances that could impact your clients. Pension schemes annual allowance checking tool - introduction From 6 April 2014 the annual allowance for tax relief on pension savings in a registered pension scheme was reduced to £40,000. Watch the latest CII accredited Masterclass from our Financial Planning and TechTalk team. Save for retirement and take retirement income from the same flexible plan. If you’re NOT a UK financial adviser, please do not view this website as it hasn’t been approved for customers.

Visit the Scottish Widows Linkedin page. Opens the Scottish Widows Youtube page: link opens in new tab. This website uses cookies. Prudential Distribution Limited is registered in Scotland. See whether your client will reach their retirement income goals with their present pension plans, pension payments and other assets.

Authorised and regulated by the Financial Conduct Authority. Review funds, fund factsheets and prices. This website uses cookies. Calculate Carry Forward (.xls) Downloads Excel spreadsheet Carry Forward Calculator - 2020/2021 This tool calculates unused annual allowances, the effect of the tapered annual allowance and the maximum a client can pay into their pension, for the current tax year, without exceeding their annual allowance. This site is designed and intended for UK authorised and regulated financial advisers and intermediaries only. The results of the tool shouldn’t be considered as advice and is to aid you during your advice process. To retain the full £40,000 annual allowance, you can take a 25% tax-free lump sum and buy for an annuity or start a drawdown plan without taking an income. Use fund name, code or other filters to find the fund you need. How pension carry forward works.

This tool shows the potential tax consequences of receiving various amounts of salary, dividends and employer pension contributions. Carrying forward from a year with a tapered annual allowance - The unused annual allowance available to carry forward from a tax year in which the taper applies will be the balance of the tapered amount, even when carrying it forward to a year where the taper doesn't apply. PruAdviser Online Services will be unavailable from 6.00pm on Friday 13 November until 8.00am on Tuesday 17 November. It is not intended for onward transmission to retail customers & should not be relied upon by any other person. Find out how in our Handy Hints and Tips guide (PDF). It will calculate the taper per tax year. However, if a tapered annual allowance is applied after 2016, then that will apply to carry forward. See how you structure conversations about protection. Opens in a new browser window. Subtract the PIA for the earliest carry forward year (2017/18). If you've have triggered the money purchase annual allowance, you can't carry forward any unused allowances from previous years to boost the amount you can pay into your pension Helps you to assess the sustainability of different levels of income in retirement.
To save the results as a pdf you’ll need to print them as a pdf. Registered Office at Craigforth, Stirling FK9 4UE. You’ll only pay tax if you go above the annual allowance. You can carry forward unused annual allowances from the three previous tax years, starting with the earliest which would be 2017/18. We apologise for any inconvenience caused. This platform gives you access to our Retirement Income Shortfall calculator, our Lifetime Allowance calculator and our Salary and Bonus Sacrifice calculator. This site is intended for UK authorised & regulated financial advisers only.

The information within this website has been approved for UK financial advisers only. If you are not a financial adviser or intermediary, please visit our personal site. Find out how Annual Allowance could impact your clients – whether the standard Annual Allowance or Tapered Annual Allowance applies, as well as the amount of unused allowance and carry forward. We want to help you save time, by giving you the information you need, so you can focus on your client conversations. This interactive tool can help you show your clients the potential benefits of adding additional contributions into their pension. If you are not an adviser please return to our consumer site, Salary, dividend & pension tool (xls 234kb), Carry Forward calculator 2019/2020 (xls 492kb), Carry Forward calculator 2020/2021 (xls 332kb), If you are not a financial adviser or intermediary, please, Takes you to our comparison tool for retirement accounts, Please Enter to access social media links, More information on how to set up an agency, Takes you to our funds tool opens in a new tab. Confirm that you’re a UK financial adviser, Confirm that you agree to our use of cookies. This tool can help you explain to your client why you’re recommending Scottish Widows Retirement Account and you can use it to produce a client suitability letter. For instance, if a £20,000 tapered allowance is applied and a £10,000 pension contribution is made, then £10,000 can be carried forward to future years.