You have an annual allowance of how much can be paid into your pension each tax year. The annual allowance differs from person to person and whether you've paid income tax that tax year.

Please be aware that your allowance includes your own personal contributions as well as the basic rate tax relief received from the Government.

CIRCA5000 does not accept employer contributions to your personal pension.

You can add up to your gross annual income or a maximum of £60,000 - whichever is lowest.

But if you have an adjusted annual income of £240,000 or more, your annual allowance reduces by £1 for every £2 of income earned above £240,000, down to a minimum annual allowance of £4,000. If you earn above £240,000 and you're unsure how to proceed then we'd recommend speaking with a suitably qualified financial adviser.

If you haven't paid any income tax then the most you can add is £2,880.

You'll still automatically receive basic rate tax relief from the Government of £720, taking your total annual allowance to £3,600.

Quick Tip: To work out how much basic rate tax relief you’ll receive, just work out 25% of your contribution and this will be the payment the Government tops up your contribution by.