Maximising the tax benefits of saving in a pension is a smart move – you get free money from the Government in exchange for locking away your cash until at least your 55th birthday. If you can afford the contributions, you will want to take full advantage. The restrictions on how much you can save into a pension apply to both “defined contribution” pensions – the most common type in the private sector – and “defined benefit” schemes, largely only available to public sector workers these days. Here’s everything you need to know about how much you can and should pay into a pension each year to give yourself the best chance of building up enough money to fund a secure retirement. In this piece we’ll cover: What is the maximum pension allowance? Annual pension allowance Lifetime allowance Can I backdate pension contributions? Is there an age limit on pension savings? Can I carry on paying into a pension while drawing an income? How much should I be paying into my pension? There are limits placed on how much you can contribute to your pensions each year without incurring a tax penalty. The limits apply per person, rather than per...