can I make pension contributions retrospectively?

[NeverSplitTheDifference]

Hi mumsnet, I think the answer to this is no but here goes.

In the tax year 2023-2024 I was earning enough to contribute the full annual allowance of £60k into my pension. This I did not do (because I was too busy working 18 hour days to think straight....). Is it too late for any further contributions to count against the 2023-2024 year?

Thank you!

i don’t think you can make a payment and backdate it to reduce your taxable income but you can carry forward your unutilised pension contribution allowance to pay in more than £60k in the current tax year if that helps.

Thank you that’s what I thought

If you have sufficient earnings this year, you can utilise available allowance from the last 3 years.

You cannot put in more than you earn in this tax year.

The allowance was £40k before last year.

Yes you can backdate to previous year.

.... and therefore reduce my tax liability for the 23-24 tax year?

It won’t change anything for 23-24, no. It just gives you a bigger pensions allowance this year.

Thanks Chessie, that's what I thought.

It just goes to show I was a "busy fool" working those 18 hour days and not leaving any time to make sure my money was working for me!

But onwards and upwards (with the help of all you wonderful mumsnetters) :)

You have to use the current year allowance first before you can go back into the earlier year.

If you can't do that, then you can apply to reduce your payment on account for 2024/25 to take account of the pension contributions that you'll make this year though.