How do I save more into my pension?

You can make single contributions into your plan 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 single 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.

Make a single contribution

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 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.

Frequently asked questions

When is the end of the tax year?

A tax year runs from 6 April one year until 5 April the next.

What is a P60?

A P60 shows the tax you’ve paid in that tax year. You’ll need your P60 to prove how much tax you’ve paid for things like claiming back overpaid tax, applying for tax credits, or proof of income for a mortgage or loan application.

Will you send me a P60?

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

Will you accept single contributions after the tax year deadline?

Yes, you can make single contributions into your pension plan at anytime. Any single contributions you make after the tax year deadline will be added to your plan in the following 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 tax year deadline?

Yes, you can request income payments at any time. If you're taking a pension income through Income Release any income payments you take after the tax year deadline will be taken from your plan in the following tax year.

Is there a limit on the amount of money I can save into a pension?

There are limits on the amount you can invest in pension plans and on the maximum value of pension savings you can build up without being subject to a tax charge. These limits are known as the annual allowance, the tapered annual allowance, the money purchase annual allowance and the lifetime allowance.

For more information on these allowances, 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 by logging in to 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.

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.

Make a single contribution

Keeping track

If you'd like to see how much you saved in the last twelve months, you can log in to our mobile app.

Using the app, you'll be able to see what your pension savings are worth now and the contributions you've made over the last year, including any employer contributions and tax relief from the government.