Pension Input Period
The Pension Input Period (PIP) is the period in which contributions paid by you or on your behalf are assessed against the Annual Allowance.
This has historically been the calendar year to 31 December. However with effect from 8 July 2015, the Government changed this for all schemes so that it would align with the tax year.
For the 2015/16 tax year the Annual Allowance was assessed based on contributions paid between 1 January 2015 and 8 July 2015 and separately for 9 July 2015 to 5 April 2016. From 6 April 2016 the Pension Input Period is concurrent with the tax year. The last contribution included in a PIP year will be your February contribution, which is invested in March.