The end of the tax year is a good time to review not only your pension, but your finances overall. Here are some of the questions our customers usually ask us around this time of year, as well as useful information about pensions and tax.
How do I save more into my pension?
You can make single contributions or increase your regular contributions at any time. So if you receive a bonus from work, or find yourself with spare money; you could save it into your pension.
You’ll receive tax relief on all contributions you make to your plan up to a maximum of £3,600 a year or 100% of your earnings, whichever is greater. So you could make the most of your allowances by making a single contribution before the end of the tax year.
Remember, the value of your investments can fall as well as rise and you might not get back the amount invested.
Is there a limit on the amount of money I can save into a pension?
There is no limit on the amount you can save into a pension, however there is a limit to the amount that can be saved each tax year whilst still receiving tax relief. For the tax year, 2023/24 you can get tax relief on contributions up to a maximum of £3,600 a year or 100% of your earnings, whichever is greater.
There is also a limit to the amount you can pay before you have to pay a tax charge. The limit is called the annual allowance and for the 2023/24 tax year it’s £60,000 - after that a tax charge may apply to your contributions.
For more information on these allowances, speak to a financial adviser or read our pensions and tax - know your limits article. You may also be able to see how much you've already saved by logging in to our mobile app.

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 you speak to a financial adviser before taking an income from your pension savings.
If you’re considering taking money out of your pension as a one-off 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 a non-advised income payment.
Before you complete your request, you should make sure 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 pension savings.
Is there a deadline for making contributions before tax year end?
We accept any contributions up until and including the last day of the tax year, which is 5 April. If we receive your contribution after this date, then it will be added to your plan and applied against your annual allowance for the following tax year. You can make contributions to your plan at anytime.
It’s important to remember that, if you’re posting any documentation, or need to speak to your financial adviser, you need to allow enough time to do that before the tax year ends. You can speak to your financial adviser, or contact us using the details below to find out more.

How to get in touch
If you have a Pension Portfolio plan and 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.
Lines are open Monday to Friday, 8am to 6pm (excluding Bank Holidays).
If you’re saving into your employer’s workplace pension plan you may be able to make a single contribution, depending on the type on plan you have.