Concurrency
Since 6 April 2006, you have been able to join and be a member of any type and any number of registered pension schemes, including occupational pensions and personal pensions.
You can nowadays make simultaneous contributions into any number of and any type of pensions and, subject to certain limits, get tax relief on all of those contributions. |
For example, if you are an employee, and assuming your employer has an occupational pension scheme, (regardless of what type) you can be a full member of your employer's occupational pension, and if you wish, also contribute into a separate personal pension.
Assuming you do not exceed your lifetime allowance, you will be able to receive the full benefits from all of your separate pension provisions.
Please be aware that all pension contributions, including employer and employee contributions and personal pension contributions, plus any increase in the value of any current final salary benefits or preserved final salary pension benefits from previous employment, must all be taken into account in calculating whether or not you have exceeded the annual allowance.
There will be an annual allowance charge if the annual allowance is exceeded, which you, as the employee, will personally have to pay.
