Depending on whether you have a personal or workplace pension, there's different ways you can contribute into your plan.
Remember, there are limits on the amount you can invest in pension plans.
Tax rules and contributions
Tax relief depends on your individual circumstances, where you live in the UK and could change in the future.
Workplace pension contributions
Your regular contributions are paid monthly to us by your employer, and can be paid as a percentage of your salary, or as a fixed amount. Regular contributions are made from your net salary, or by using salary exchange.
You can change the regular contributions to your workplace pension at any time. But remember, any changes will affect your pensions savings. Pausing or decreasing your contributions could mean there's less money available to give you an income when you stop working. It could also change your forecast, and some charges may still apply.
If you want to change your regular contributions, or exchange a bonus for a contribution, you should speak to your employer.
You can make a one-off contribution into your plan at any time. You'll receive basic tax relief on all contributions you make to your plan. You can pay in up to 100% of your earnings, or £2,880 and it would be increased to £3,600 with tax relief. If you pay in more than £60,000 each year then you could be subject to a tax charge due to the annual allowance.
Any one-off contributions made to your plan will be invested in line with your current instructions unless you tell us otherwise. Remember, the value of your investments can fall as well as rise and you may not get back the amount invested.
Your money is invested until at least age 55 (this will increase to age 57 from 6 April 2028). When you start to take your pension savings, you should consider all your options before deciding to make the payment.
Personal pension contributions
If you're saving into our Pension Portfolio, your contributions are paid from your net salary, which is paid monthly or yearly by direct debit.
Contributions can be a fixed amount or set to increase each year in line with your salary, the Retail Prices Index (RPI), or set at a level between one and ten percent.
The minimum regular contribution you can make is £100 a month or £1,200 a year. If you've previously made a one-off contribution, it will reduce to £50 a month or £600 a year.
You can make a one-off contribution into your plan at any time. You'll receive basic tax relief on all contributions you make to your plan. You can pay in up to 100% of your earnings, or £2,880 and it would be increased to £3,600 with tax relief. If you pay in more than £60,000 each year then you could be subject to a tax charge due to the annual allowance.
Your money is invested until at least age 55 (this will increase to age 57 from 6 April 2028). When you start to take your pension savings, you should consider all your options before deciding to make a payment.
If you'd like to speak to us about one-off pension contributions, please call us on 0345 603 0154.
If you want to change your regular contributions into your personal pension, you should speak to a financial adviser.