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Tax and National Insurance

Tax - The good news is that you get immediate tax relief on pension contributions – the money that would have gone to the Government as tax, goes into your pension instead.  That said, there is a limit on how much tax-free savings you can pay into in 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.

National Insurance - If your contributions are paid via ‘Smart Contributions’, you will pay reduced National Insurance.