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  5. Increase in contributions exceeding annual allowance is “just the beginning” Increase in contributions exceeding annual allowance is “just the beginning”

26 September 2019

Increase in contributions exceeding annual allowance is “just the beginning”

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Helen Morrissey, Personal Finance Specialist

Helen Morrissey

Corporate PR Specialist – Long Term Savings

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Commenting on today’s Personal Pension statistics, Helen Morrissey pension specialist at Royal London, said:

“Today’s figures show the total value of contributions reported as exceeding the annual allowance has surged from £578m in 2016/17 to £812m in 2017/18. This is just the beginning and we will see more and more people being caught out by this overly complex regime as time goes on.”

Notes to Editors

The Personal Pension statistics can be found here: https://www.gov.uk/government/statistics/personal-pensions-statistics-introduction

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £130 billion, 8.8 million policies in force and 4,046 employees. Figures quoted are as at June 2019.

For further information please contact:

Helen Morrissey, Corporate PR Specialist – Long Term Savings