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.
What were the key dates?
Find out what the key dates and deadlines were for the last tax year.
Frequently asked questions
Find answers to questions about your P60, single contributions or taking money out of your pension.
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.
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 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.
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.
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).
More about pensions and taxation
The tax rules when you want to take money from your pension
We can’t personalise how much tax you might pay, but we can give you some general information about how tax works.
The tax rules and limits of your pension explained
There are limits on the amount you can invest in pension plans and on the maximum value of pension savings that you can build up without being subject to a tax charge.
What is a pension?
Here you’ll find a quick guide to the different types of pension and the benefits of saving for retirement.
Making contributions to your personal pension
We've worked hard to make saving into your personal pension plan as easy and flexible as possible.