Pension Contribution Rules

Pensions are often a fantastic way to save towards retirement, or just for the future, given retirement can be somewhat flexible under pension access rules. 

Pensions can offer tax relief on contributions, grow free of tax, and are only taxable when you withdraw in retirement, with up to 25% of the pension held available to be withdrawn as tax-free cash.

These tax benefits can be very generous, so Government legislation restricts how much can be contributed each year.

To help you understand the rules around pension contributions, we have put together a short guide with answers to some key questions.

Also available is an accompanying case study that demonstrates how you can carry forward unused annual allowances from previous tax years to the current year allowance.


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Risk Warnings

Risk Considerations Past performance is no guarantee of future returns. The price of units and the income from them can fall as well as rise.

This investment is intended as a long-term investment and under current HM Revenue & Customs’ practice it’s not normally possible to access the fund(s) prior to the age of 55. The minimum age will increase to 57 from 2028 with further increases expected as the State Pension Age goes up.

Please be aware that there may be occasions when an individual fund or funds may have a higher risk rating than your overall stated attitude to risk. If this is the case, then the overall risk rating applied to all of the combined funds being recommended is still designed to meet your stated tolerance.

Tax rules are subject to change.