Andy Egwim warns that exceeding the £60,000 annual pension allowance triggers tax charges for high earners. Check your total reward statement, use carry-forward from the prior three years, and talk to a financial advisor before April 1st.
£60,000
Ndubuisi 'Andy' Egwim
March 14, 2025
Two hours
April 5th (risk if you wait until then) and April 1st (checklist before this date)
Number 8 drum roll if you've gotten to this point is exceeding the 60k pension allowance. Now if you exceed the pension allowance it can trigger a tax charge and many high earners unknowingly exceed this limit due to pension growth and additional pension contributions. There are a few things you can do. Check your total reward statement to calculate your pension growth. Use your carry forward if you haven't maxed out the past three years allowances and of course speak to a financial advisor especially taxes part if you need help this tax base they can actually help you so you don't wait till April 5th when it disappears or you might risk leaving money on the table. If you want a deep dive into these tax areas, join my tax hack X Ray Challenge for Doctors and Healthcare Professionals. It will be a two hour session where we use a fine tooth comb to go over all the tax areas and more and compare the checklist before April 1st.
