How Much can I pay into my Pension per Month

kirky400

I must start taking my 60 pension in a few months but will continue to work for a while.  I have AVC that I am also taking as they are linked to my work pension.  What is the maximum I can pay into my pension each month?  I would be adding to my AVC that would be taken when the rest of my pension matures at age 65, also with my work? With Wage and pension my salary will be £53K. work pays in £170 per month.  
Thanks in advance for your time and expertise 

Dazed_and_C0nfused

How much will your taxable pay be from this job?

In 2021:22 and 2022:23 tax year?

kirky400

£37500 is my annual wage, the rest will be pension

Dazed_and_C0nfused

Then you can contribute £3,125 each month (inclusive of the basic rate tax relief that is added to a relief at source contribution).

Including your employer's contributions you would still be contributing less than the annual allowance.

Grumpy_chap

I don't know the details, but there are rules that can apply when taking pension that cap the maximum that can then be contributed to a pension.  Do those restrictions apply in this case?  I am sure there are others in the forum that can advise whether these rules apply and what that constraint would then be.

Jeremy535897

It depends on whether you enter what is known as flexible drawdown, when the tax deductible contributions will then be limited to £4,000 a year.

Dazed_and_C0nfused

I must start taking my 60 pension in a few months but will continue to work for a while. I have AVC that I am also taking as they are linked to my work pension. 

Based on the above I had assumed that this was a DB pension so the MPAA wouldn't apply but maybe that was a bit previous and the op could clarify?

kirky400

Thanks for all the responses
It a final salary pension, would this mean that the MPAA wouldn't apply and I can continue paying the most I can into my pension from my salary.  

Dazed_and_C0nfused

It generally doesn't really matter where the money comes from but you cannot pay more than your earnings in total.

kirky400

Dazed_and_C0nfused said:

It generally doesn't really matter where the money comes from but you cannot pay more than your earnings in total.

Thanks for your help.  Makes it a lot clearer as I was under the impression that I could only put £4000 into my pension as I was already taking my pension.  Look like a lot more so thanks again.

Jeremy535897

kirky400 said:

Dazed_and_C0nfused said:

It generally doesn't really matter where the money comes from but you cannot pay more than your earnings in total.

Thanks for your help.  Makes it a lot clearer as I was under the impression that I could only put £4000 into my pension as I was already taking my pension.  Look like a lot more so thanks again.

This explains the point about DB rather than DC pensions.
https://www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions/money-purchase-annual-allowance-mpaa