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.
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.
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).
More about pensions and tax
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.
Tax relief - know your limits
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. These limits are known as the annual allowance, the tapered annual allowance, the money purchase annual allowance and the lifetime allowance.
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.