New rules on tax relief for pension contributions will came into effect on 6 April 2011.  Individuals are able to make contributions of up to £50,000 per annum, subject to a maximum of 100% of relevant earnings (broadly your individual salary or profits).  Tax relief on pension contributions will continue to be available at the individual’s marginal income tax rate.  Any contributions in excess of £50,000 will receive no tax relief at all (subject to the carry forward provisions outlined in the next paragraph). 

Where contributions made exceed the annual allowance in a given year, any unused allowances from the three previous tax years will be available to carry forward.  This includes 2011/12, where unused allowances from 2008/09, 2009/10 and 2010/11 (giving a total of up to £200,000) are available to be carried forward, but only on the assumption that the annual allowance was £50,000 in those earlier tax years.  Please note however that the carry forward option is only available for individuals who were members of registered pension schemes in the earlier tax years. 

There are also complex rules for lifetime allowances and the interaction with defined benefit schemes, so you should seek further advice before finalising your pension contributions.