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 are the key dates?
Find out the key dates and deadlines for saving more into your pension and taking ad hoc income.
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.
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.
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 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.
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).
More about pensions and taxation
How is my pension taxed?
We can’t personalise how much tax you might pay, but we can give you some general information about how tax works.
There are limits on the amount you can invest in pension plans and on the maximum value of retirement savings that you can build up without being subject to a tax charge.
Pensions: a simple guide
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.