This interactive tool can help you show your clients the potential benefits of adding additional contributions into their pension. 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. If you are not a financial adviser or intermediary, please visit our personal site. Confirm that you’re a UK financial adviser, Confirm that you agree to our use of cookies. If you continue to use this website, you are agreeing to our use of cookies. Let Offset make your clients' money work harder for them. This report will help you do this. But these might change without notice and the tool doesn’t take into account all of the possible circumstances that could impact your clients. 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. 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. 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. This platform gives you access to our Retirement Income Shortfall calculator, our Lifetime Allowance calculator and our Salary and Bonus Sacrifice calculator. "Prudential" is a trading name of Prudential Distribution Limited. See whether your client will reach their retirement income goals with their present pension plans, pension payments and other assets. For more information, see our cookie notice. 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. Calculate the pension input amounts (PIA) for the three carry forward years. Helps you to assess the sustainability of different levels of income in retirement. PruAdviser Online Services will be unavailable from 6.00pm on Friday 13 November until 8.00am on Tuesday 17 November. For UK financial advisers only, not approved for use by retail customers. If you’re not a UK financial adviser, please visit the customer website: 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. This website uses cookies. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. The results of the tool shouldn’t be considered as advice and is to aid you during your advice process. Please note this means that on Monday 16 November, you will not be able to access any of the online services normally available. By continuing to access this site, you acknowledge that you are a UK financial adviser. Registered Office at Craigforth, Stirling FK9 4UE. Visit the Scottish Widows Linkedin page. 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. You’ll only pay tax if you go above the annual allowance. 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. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. PruAdviser on-line services will be unavailable from 20:00 on Saturday 28 November until 12:30 on Sunday 29 November for website maintenance. For more information, see our. Use fund name, code or other filters to find the fund you need. Our flexible propositions to support different employers and complement the work of advisers. Subtract the PIA for the earliest carry forward year (2017/18). Review funds, fund factsheets and prices. 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.