Can I make contributions to my money purchase scheme and still get tax relief on those contributions?

19 June, 2023

Question by Ian

I am taking an income from my final salary pension scheme (no other earnings). I have a money purchase which I have not accessed. Can I make contributions to my money purchase scheme and still get tax relief on those contributions?

Answered by Adrian Kidd

Hi. Yes you can! Final salary pensions do not affect the money purchase annual allowance rules. The contributions are limited though. As you have no earnings, this will be £2,880 or £3,600 gross with the tax relief added.

Adrian Kidd
Chartered Financial Planner

Answered by

Adrian Kidd

Life Planner and EQ Coach

I am a family man first and foremost. Everything revolves around my wife and daughter. After them, comes helping people via financial coaching or creating their own individual life plans.

By understanding your values, beliefs, your personal and money story we can then progress to designing your life the way you desire it to be. You’ll be inspired to take action and follow through on what comes out of the process.

I am one of 600 Registered Life Planners globally and have been trained to listen correctly; the greatest skill that anybody can have. After we have done all that work, only then can we invest your money and look after your financial assets. It should all be congruent with your values, dreams and what and who matters most in your life.

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