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Making contributions

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.

Making contributions diagram

Your pension contributions

Let's look at an example for someone who pays basic rate tax with matched contributions from their employer.

  • If you contribute £100 each month.
  • Because of tax relief, you'll only have to contribute £80.
  • Tax relief will make up the other £20.
  • Your employer agrees to match your contribution so your £80 quickly becomes £200.

Top up your pension savings

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 could have all your pension savings in one place

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.

Stay on track for the retirement you want

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.

Changing 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.

Know your limits

The government has set limits to do with pension contributions and taking your pension savings.

Find out more

Automatic enrolment

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.

Find out more

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