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Tax and National Insurance

There is a range of Tax and National Insurance savings the Scheme allows you to take advantage of:

- Your pension contribution is taken from your pensionable pay, meaning that you don’t pay tax on your contributions

- You are entitled to a tax free lump sum at retirement

- If you pay contributions via SMART you make National Insurance savings too

There is a limit on how much tax-free savings you can pay into your pension in any one year. The limit is set by the Government and is called the Annual Allowance. Over the course of your lifetime, you can build-up pension benefits up to the value of the Lifetime Allowance without incurring a tax charge.

Last updated: 03/11/2015

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