Short video by Ndubuisi 'Andy' Egwim explaining UK pension contribution rules and strategies to maximise tax efficiency, aimed at NHS and non‑NHS workers. Introduces the £60,000 annual pension contribution limit and the ability to carry back unused allowance for up to three previous tax years to obtain tax relief. Emphasises checking pension statements and optimising annual allowance use.
So every year you are allowed to contribute up to 60,000 pounds maximum into your pension. Now, if you get your pension statement from your pension administrator and you find out that in the past three years you've not contributed up to that maximum, you can contribute to your pension up to the yearly maximum and count three years backwards. And that's all tax deductible. So it really pays to understand these things. And that is why we're going to be delving into pension, especially for those who are not on the NHS pension, and also for those on the NHS pension that want to make sure that they are optimizing it and maximizing it to get the best out of it, to make sure that they are not letting their annual allowance go to waste.
