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Pension planning and tax advice

Whether you are building your pension, thinking about retiring or already in pension drawdown, our independent Wealth Planners provide expert planning and tax advice to help optimise your pensions and retirement income.

If you are a high-income earner, have multiple pensions or a large pension pot, retirement planning and pension drawdown can be even more complicated. Our experts can help you navigate the complex and ever-changing pension rules to make sure you don’t miss out on opportunities to benefit from personal pension tax relief or to draw down your pension benefits in a tax efficient way.

Book a free consultation

Book a free initial consultation with an independent Wealth Planner to find out how our pension allowance and tax advice can help you save tax-efficiently for retirement.

Get in touch

Expert advice on how to optimise your pension allowances

When it comes to pension tax advice, the devil is in the detail, particularly when large sums are involved. Your expert Wealth Planner will carefully consider your situation and give you impartial advice on:

  • Whether you are taking full advantage of the opportunity to save tax efficiently within a pension plan – particularly in view of an increased annual allowance which could now be available to you
  • Whether you may be saving too much into your pension, which could result in a tax charge on the excess amount
  • What your drawdown options are, as the tax you will have to pay will depend on how and when funds are withdrawn
  • Whether there are other tax-efficient ways for you to continue saving for retirement.

Why choose our Wealth Planners for pension and tax advice?

  • Independent Wealth Planners – not tied to any products or providers, not even ours
  • Bespoke retirement planning and cash flow modelling – to help you achieve the retirement you want
  • Qualified experts – with many years of experience advising high earners on the complexities and nuances of pension rules
  • Breadth of advice – the expertise to consider your financial arrangements and tax position as a whole
  • Regular reviews – to take account of any changes in your objectives, financial circumstances or the tax reliefs available to you
  • Service centred on you – a long term relationship with you focussed on your unique needs and aspirations

The annual allowance is the maximum amount you can pay into a pension and receive tax relief, or the maximum an employer can contribute without a tax charge arising on their employee. It currently stands at £60,000.

The pension annual allowance works on the following basis:

  • You must have pensionable income at least equal to the contribution, although this is not necessarily the case with employer contributions
  • You can potentially ‘carry forward’ unused allowances from the previous three years if you’re able to contribute more than the annual allowance
  • If you carry forward unused allowances from previous tax years, you must have been a pension scheme member during those tax year(s) and there are other conditions which also need to be met.

If your pension contribution exceeds the annual allowance, the excess amount will usually be added to your other income and charged at your marginal rate of income tax. So, an additional rate taxpayer would face a tax charge of £45 for every £100 they contribute into their pension over the annual allowance.  

However, if you use up your annual allowance for the current year but didn’t use up your full annual allowance for the previous three years, ‘pension carry forward’ allows you to use this to contribute more into your pension tax-efficiently. Here’s how it works:

Step 1 – Use all your annual allowance for the 2023/24 tax year.

Step 2 – Once you've done so, you can use any unused allowance from three years ago – i.e. the 2020/2021 tax year.

Step 3 – Once you've used up your annual allowance for the 2023/24 and 2020/21 tax years, you can use any unused allowance from two years ago – i.e. the 2021/22 tax year.

Step 4 – Once you've used up your annual allowance for the 2023/24, 2020/21 and 2021/22 tax years, you can use any unused allowance from one year ago – the 2022/23 tax year. 

If you are a high earner and meet both the following criteria in the current tax year, you will be affected by the tapered annual allowance:

  1. Your ‘threshold’ income exceeds £200,000
  2. Your ‘adjusted income’ exceeds £260,000

In simple terms, a tapered annual allowance (TAA) means your allowance will go down by £1 for every £2 over and above £260,000. If your adjusted income is over £360,000 your allowance will go down to a minimum of £10,000.

Calculating your ‘adjusted’ income is not straightforward, as it is not limited to your pensionable earnings but can include dividends, rental income, interest, employer pension contributions and more. You also need to recalculate your ‘threshold’ and ‘adjusted’ income every year.

Your Wealth Planner will help you take stock of your income and work out what your maximum yearly pension contribution will be.

The pension lifetime allowance (LTA) was the maximum amount you can save into your pension tax-free.

In the Spring 2023 Budget the Chancellor announced that the tax charge applicable to the excess over the lifetime allowance would be set at 0% for the 2023/24 tax year, before the lifetime allowance itself is abolished from 6 April 2024. This effectively means there is no longer a lifetime limit, opening up new opportunities to save in a tax efficient way. However, entitlement to a tax-free lump sum is capped at £268,275 for many pension savers, rather than being 25% of the pension value. As such, part of the previous regime remains. However, there are situations where a higher entitlement may be available.

Your Wealth Planner will be able to advise you on your tax-free entitlement based on your personal circumstances.

Book a free pension planning consultation

Book a free consultation with an independent Wealth Planner to find out how our specialist pension planning and tax advice can help you save tax-efficiently for retirement.

Get in touch

Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance.

The tax treatment of all investments depends upon individual circumstances and the levels and basis of taxation may change in the future. Investors should discuss their financial arrangements with their own tax adviser before investing.

The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity.


Book a free pension planning consultation


Typically, we provide financial advice to clients with assets over £250,000. Please note, we do not offer a one-off share sale service below these amounts.

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What happens next?

1. Arranging an initial consultation

First you can expect to receive an email from our team within 48 hours to find a suitable time that works for you, to arrange a voice or video call for an initial consultation.

2. Your consultation 

During this consultation, a member of the team will discuss your situation with you to understand your requirements and answer any questions you might have about Canaccord Genuity Wealth Management and the services that we provide.

3. Referral to a Wealth Planner or Investment Manager

If you decide to progress with us, you will be referred to one of our Wealth Planners or Investment Managers to discuss your situation and requirements in more detail. They will then design a bespoke proposal detailing a unique investment portfolio that matches your individual requirements and attitude to risk, to meet you and your family’s needs.

4. Working with you long-term

With our wealth planning and investment management professionals, your wealth is in expert hands. Our mission is simple - to help you build your wealth with confidence. We will always keep you informed about your investment portfolio and performance and will continue to work with you to build our relationship on your terms. We can meet with you face-to-face, by phone or by email, whichever is more convenient for you. You can also access your account online at any time through our app. Our wealth management professionals are always readily available to speak with you.


Investment involves risk and you may not get back what you invest. It’s not suitable for everyone.

Investment involves risk and is not suitable for everyone.