Things to think about at tax year end

Here’s some key things to consider at tax year end. We recommend you speak to a financial adviser before you make any decisions.

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What were the key dates?

Find out what the key dates and deadlines were for the last tax year.

Key tax year end dates  about What were the key dates?
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Frequently asked questions

Find answers to questions about your P60, single contributions or taking money out of your pension.

Your frequently asked questions  about Frequently asked questions
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How much did I save last tax year?

You might be able to use our mobile app to find out how much you saved into your pension last tax year.

How much did I save?  about How much did I save last tax year?

How much have I saved this tax year?

Use our mobile app to see how much you’ve saved this tax year and help to stay within your allowances.

Our mobile app's only available for certain types of plan. Take a look at our mobile app page to find out more.

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What are the key dates?

Deadlines for single contributions

This year if you want to make a contribution to your pension before the tax year end, we must receive completed application forms and supporting documents by 6pm on Thursday 1 April 2021.

If you have a financial adviser we recommend speaking to them before making a single contribution into your plan.

For Retirement Solutions Group Personal Pension Plans, Retirement Solutions Group Stakeholder Pension Plans and Royal London Pension Portfolio Plans, you can complete an online form to make a single contribution.

Please make sure you allow enough time for this to reach us by 6pm on Thursday 1 April 2021.

Deadline for income payments

If you’d like to take an income payment from your Pension Portfolio plan (with income release), we must receive application forms and any supporting documentation by 6pm on Wednesday 24 March 2021 to guarantee payment in the 2020/2021 tax year.

Key dates for after tax year end

If you’ve taken a taxable income payment during this tax year, we’ll send you a P60 in the post. You should receive this no later than Monday 31 May 2021.

How do I save more into my pension?

If you haven’t used up all your pension allowances, you may be considering making a single contribution into your plan before the end of tax year. This can help boost your retirement savings as for every 80p you save into your pension, the government will make it up to £1.

Contributions from the government are also referred to as ‘tax relief’ – they depend on your individual circumstances and may change in the future.

Remember that investment returns are never guaranteed. So while there’s a chance your savings could grow, their value can also go down. This means you could get back less than you put in. Tax rules may change in the future.

We recommend you speak to a financial adviser before making a single contribution into your plan. They’ll help you understand if that is an option that is available for the pension plan you have with Royal London and if it’s the right thing for you to do based on your individual circumstance.

Frequently asked questions

Will you accept single contributions after the 2020/21 tax year end deadline?

Yes, you can make single contributions into your plan at anytime. Any single contributions you make after the 2020/21 tax year deadline will be added to your plan in the 2021/22 tax year.

When will the single contribution be added to my plan?

A single contribution will be added to your plan on the date we receive all of the required information and documentation from you or your adviser.

This date may be different to the date we received your payment.

Will you accept requests for income payments after the 2020/21 tax year end deadline?

Yes, any income payments you take after the 2020/21 tax year deadline will be taken from your plan in the 2021/22 tax year.

Is there a limit on the amount of money I can contribute to a pension?

There's a limit on the amount you can invest in pension plan without being subject to a tax charge. This limit is known as the annual allowance.

For more information on the annual allowance, speak to a financial adviser or read our article on tax-free allowances. You may also be able to see how much you've already saved in our mobile app.

Can I carry forward any unused annual allowance into the new tax year?

You can ‘carry forward’ unused annual allowance from the last three tax years. You should speak to a financial adviser for more information on this.

When is the 2021/22 tax year?

The 2021/2022 tax year starts on Tuesday 6 April 2021 and ends on Tuesday 5 April 2022.

Is my single contribution included in the 2021 ProfitShare award?

Yes, provided you make your single contribution before 6pm on 30 March 2021. A ProfitShare award is a boost to your pension savings and is based on the value of your plan at the time we award it. If your plan qualifies and you make a contribution before 30 March 2021, it will be included in the calculation for this year’s ProfitShare award. We can’t guarantee we’ll be able to award ProfitShare every year but we continue to put the long-term financial needs of our customers at the heart of what we do.

Find out more about ProfitShare elgibility.

How much did I save this tax year?

If you’d like to see how much you saved in the 2020/21 tax year, you can log in to our mobile app.

Using our mobile app, you’ll be able to see what your pension savings are worth now and the contributions you’ve made over the last tax year, including what the government pays in and any employer contributions.

Our mobile app's only available for certain types of plan. Take a look at our mobile app page to find out more.

You can also use our retirement planning tools to see how much you might need to save to reach your retirement goals.

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How do I take money out of my pension?

If you have a Pension Portfolio plan (with Income Release), you may be considering taking money out of your pension before the end of the tax year.

If you haven't already done so, we recommend that you speak to a financial adviser before taking an income from your savings.

Taking money out of your pension

If you’re considering taking money out of your pension without speaking to a financial adviser and you’ve already taken a one-off taxable income payment in the past; you might be able to request an income payment using our online form.

Before you complete your request, you should make sure that you have enough money in your plan to make the income payment and you understand the impact this will have on the rest of your savings.

If you’ve taken tax-free cash, a regular income, or you’re not sure about your options, give us a call on 0345 850 8953. Lines are open Monday to Friday, 8am to 6pm (excluding Bank Holidays).

How to get in touch

If you’d like to speak to us about single contributions, please phone us at: 0345 603 0154

If you’d like to speak to us about income payments please phone us at: 0345 850 8953.