Pensions

[rodders]

Hello all, are you allowed more than one pension concurrently?

I have a work pension, its shockingly bad, so thought about maybe taking out a SIPP or stakeholder as well.

 

[ShotInTheAss86]

You can have as many as you like I believe, the only limit is the total sum that is paid in to them collectively per year, if it goes over 20k (i think) then you have to pay tax on any contributions over that limit for that year

Edit: If you’re a UK taxpayer, in the tax year 2017-18 the standard rule is that you’ll get tax relief on pension contributions of up to 100% of your earnings or a £40,000 , whichever is lower.
source: https://www.moneyadviceservice.org.uk/en/articles/tax-relief-on-pension-contributions