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 are the key dates?

Find out the key dates and deadlines for saving more into your pension and taking ad hoc income.

Key tax year end dates  about What are the key dates?
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How do I save more into my pension?

If you’d like to boost your retirement savings before the end of tax year, you can make a single contribution.

Making a single contribution  about How do I save more into my pension?
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How do I take money out of my pension?

If you’d like to take money out of your pension before the end of tax year, you can take an ad hoc income payment.

Taking money out  about How do I take money out of my pension?

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.

Access our mobile app Access our mobile app
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What are the key dates?

Deadlines for single contributions

This year, the tax year end falls on a Sunday. So we must receive completed application forms and supporting documents by 6pm on Friday 3 April 2020 if you want to make a contribution before the tax year end.

You should pay us by bank transfer using the following details:

Sort code: 01-10-01
Account number: 63580586
Amount name: Royal London

Please make sure you allow enough time for this to reach us by Friday 3 April 2020.

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 Thursday 26 March 2020 to guarantee payment in the 2019/20 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 Sunday 31 May 2020.

How do I save more into my pension?

If you haven’t used up all your pension allowances, you might want to make a single contribution into your plan before the end of the tax year. This will help to 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.

While your savings could grow, their value can also go down, as investment returns aren't guaranteed. This means you could get back less than you put in to your plan. 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 this is an option that’s 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 circumstances.

Know your limits

There's a limit on the amount you can invest in pension plans without being subject to a tax charge. This limit is known as the annual allowance. There's also a limit to the amount you can have built up in any pension plan when you start taking your retirement savings. It's called the lifetime allowance.

If you want to make contributions to your plan after you’ve taken a taxed income or taxed lump sum, you may be limited to what you can contribute and receive tax relief on. This is known as the Money Purchase Annual Allowance (MPAA). Please note that this is considerably lower than the annual allowance and relates to any pension plan you may have, not just this one.

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

For more information on the annual allowance, lifetime allowance and MPAA, 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 this year in our mobile app.

Make a single contribution

Personal pension with Royal London (taken out after 24 November 2014) or Scottish Life

To find out how to make a single contribution into your plan, give us a ring.

You’ll find our contact details on the latest communication we’ve sent to you. Otherwise, you can give us a call on 0345 603 0154. Lines are open Monday to Friday, 8am to 6pm (excluding Bank Holidays).

Workplace pension with Royal London (taken out after 24 November 2014) or Scottish Life

If your employer is providing you with a pension, they’ll give you access to a pension website which will give you more information about how to make a single contribution. Speak to your employer for more information.

Pension with another company bought, owned or rebranded by Royal London

If your pension is with a company that was bought, owned or rebranded by Royal London, please visit our Contact page to find out how to get in touch. Our customer service team will help you understand if making a single contribution is an option available to you and what you need to do.

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How much have I saved this tax year?

If you’d like to see how much you’ve already saved, 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, the contributions you’ve made over this tax year, including what the government pays in and any employer contributions and help to stay within your pension allowances.

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 might want to consider 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).