care about your future

There are a number of tax incentives to encourage you to save for retirement although some limits and restrictions apply.

Please see latest news for infomation on Scottish Rate of Income Tax.

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Tax relief on your contributions

Your contributions are automatically deducted from your pay before tax is applied so you pay less income tax.

There is a limit on how much you can contribute to your pension each year and receive tax relief. This is known as the Annual Allowance and is currently £40,000 a year (2015/16). More information can be found on our main website.

Tax and your retirement income

Once you retire, your pension may be liable for income tax which will be deducted at your normal rate before it is paid to you.

Your total pension savings is subject to a maximum amount known as the Lifetime Allowance. This is currently £1.25 million (2015/16). You can find more information about tax allowances on the UK Government’s website GOV.UK

It’s up to you to make sure you don’t exceed these allowances. All pension savings are included so you will need to refer to any private pensions you have or benefits earned in schemes run by your previous employer.