What is the basic amount that can be contributed into a pension scheme, regardless of earnings?

The basic amount that can be contributed into a pension scheme, regardless of a person's earnings, is £3,600. This contribution limit allows individuals to contribute to their pension even if they have no earnings, as long as they meet certain conditions, such as being a UK resident. This figure consists of an annual gross contribution, meaning that the actual amount that needs to be contributed can be lower when considering tax relief.

In this context, understanding that £3,600 is the maximum amount for non-earnings contributors is crucial; it empowers individuals, including those who may be unemployed or low earners, to still benefit from tax-efficient savings for retirement. The importance of pension contributions cannot be overstated, as they play a vital role in ensuring financial security in later years.

The other amounts provided do not represent the correct threshold allowable for contributions without any income, highlighting the specific nature of the £3,600 figure in pension planning.