Advice regarding paying into pension whilst working but receiving DB pension and taking 25 % tax fre

Homeadvice

Good Afternoon,

I have a total of 4 pension pots, and wondered if someone could advise me of the ability to pay in further contributions to whilst still working.

I am currently working still so receive a salary each month,

From 2024 I will receive £6000 per year from a DB pension i held in 1990. 

I also have a DC pot with £25,000 in and i plan to take out 25% tax free this year.

If i take 25% tax free and receive the DB annual payment from my other pension,

Could anyone advise me am I still able to pay into my current workplace pension, and also am i able to make additional contributions to this pension? Or is there a limit once i take the 25% tax free? or when i start to receive the DB payments 

xylophone

Taking  money from  other pensions does not prevent your contributing to your current workplace pension.

However, if you draw any money over and above the PCLS from your DC pot and the pension to which you are currently contributing is also a DC pension, you will trigger the MPAA in respect of those contributions.

Drawing a pension from a DB scheme does not trigger the MPAA.

https://adviser.royallondon.com/technical-central/pensions/contributions-and-tax-relief/money-purchase-annual-allowance/

Albermarle

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