Each time you save into your plan, you'll receive extra contributions from your employer and tax relief from the government. Tax treatment depends on your individual circumstances and may change in the future.
Let's look at an example for someone who pays basic rate tax with matched contributions from their employer.
You can make single contributions into your plan at any time. Any single contributions you make will benefit from tax relief – helping to boost your pension savings. Tax treatment depends on your individual circumstances and may change in the future.
Remember that investment returns are never guaranteed. So while there’s a chance your savings could grow, their value can also go down. This means you could get back less than you put in.
You may be able to transfer pension savings from other pension plans. This could make it easier for you to keep track of them. Transfer payments from one pension plan to another don't receive tax relief.
Transferring may not be in your best interests as you could lose valuable benefits which can't be replaced. You should speak to a financial adviser before you make a decision.
You should review your plan and contributions regularly to help you stay on track for the retirement you want. If you can afford it, you might want to think about increasing your contributions.
You should speak to your employer before making any changes to your regular contributions. They'll tell you what changes you can make and when you can make them.
The government has set limits to do with pension contributions and taking your pension savings.
Find out more
If you're aged between 16 and under 75 and work in the UK, your employer will assess your age and earnings to work out if you’re eligible.
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