Registered number SC212640. If you are not a financial adviser or intermediary, please visit our personal site. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. Our flexible propositions to support different employers and complement the work of advisers. Save for retirement and take retirement income from the same flexible plan. But these might change without notice and the tool doesn’t take into account all of the possible circumstances that could impact your clients. How pension carry forward works. 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. 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. 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. 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. However, if a tapered annual allowance is applied after 2016, then that will apply to carry forward. You can carry forward unused annual allowances from the three previous tax years, starting with the earliest which would be 2017/18. Add this tool to your favourites and use it even when you’re not online. We apologise for any inconvenience caused. If you continue to use this website, you are agreeing to our use of cookies. This site is designed and intended for UK authorised and regulated financial advisers and intermediaries only. You’ll only pay tax if you go above the annual allowance. Registered Office at Craigforth, Stirling FK9 4UE. To save the results as a pdf you’ll need to print them as a pdf. It will calculate the taper per tax year. Let Offset make your clients' money work harder for them. For more information, see our. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. Review funds, fund factsheets and prices. Calculate the pension input amounts (PIA) for the three carry forward years. Opens the Scottish Widows Youtube page: link opens in new tab. 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. 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. 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" is a trading name of Prudential Distribution Limited. Visit the Scottish Widows Linkedin page. Compare and analyse funds and keep track of their performance. 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. We want to help you save time, by giving you the information you need, so you can focus on your client conversations. Opens in a new browser window. This site is intended for UK authorised & regulated financial advisers only. 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. This interactive tool can help you show your clients the potential benefits of adding additional contributions into their pension. Watch the latest CII accredited Masterclass from our Financial Planning and TechTalk team.