7. Pensions (Part 3) Catch-Up & Clean-Up

Pension Catch-Up & Clean-Up: Annual Allowance, Carry Forward, and Why Tax Relief Beats Tax on Withdrawal

If you’ve ever wondered how much you can really put into your pension, what happens when you take the money out, or whether tax relief is actually worth it, this episode connects the dots.

We’ll break down the annual allowance, the carry-forward rule, and how to find and tidy up old pensions from past jobs — plus why the tax relief you get now often outweighs the tax you’ll pay later.

You’ll also learn about:

• How the annual allowance and carry-forward rule help you catch up on missed contributions
• What counts as relevant earnings for pension purposes
• How to find old workplace pensions and decide whether to consolidate (Pension Tracking Service)
• What the Pension Schemes Bill could change for savers in the next few years
• And how tax works when you start withdrawing your pension — including why it’s still a smart deal overall

By the end, you’ll see how small, consistent steps — and a bit of understanding — can make your pension one of the most powerful tools you have for building future freedom.

🎧 Listen now to understand the real numbers behind tax relief, withdrawals, and why it’s never too late to take control of your pensions.

💡 I use InvestEngine for my SIPP and Trading 212 for my Stocks & Shares ISA — both are simple, low-cost platforms that I genuinely use myself.
If you’d like to try them:

• InvestEngine: https://investengine.com/referral/u/jyuqxm/ (referral link — new users can get up to £200 bonus)
• Trading 212: https://www.trading212.com/invite/16ZXVTT6Dm (referral link — get up to £100 of free-share)

Chapters

• 0:00 Intro
• 0:13 Recap
• 0:47 SIPP (InvestEngine)
• 1:19 Annual Allowance & Carry Forward
• 3:37 Relevant Earnings
• 5:01 Tidying Old Pensions & Finding Lost Pots
• 6:56 What the Government is doing
• 8:19 What happens when you start taking money out of your pension
• 10:13 Wrap up and Your Homework