How your pension payments add up

See who's saving towards your future

What do we mean by this?

Its the part of your pay your pension payments are based on. It can include all of your pay, including bonuses and overtime. Or it can just be part of your pay. Ask your employer for you pensionable salary figure.

£
Where can I find this?

Check with your employer.  Your employer might match the payments you make (up to a certain amount). So check with your employer to see what’s on offer. That way, you are less likely to miss out.

Who pays and how much

How much is invested in your plan will depend on how much you and your employer pay in.

Cost to you                                          ##costtoyou##

Tax relief                                             ##tax_relief##

Enployer payment                             ##employerpayment##

Total amount invested in your         ##totalinvested##

plan per month   

We have assumed your payments to your pension are entitled to basic rate tax relief. This is currently 20% (2023/2024 tax year). If you pay tax at more than the basic rate, you may be able to claim further tax relief on the payments you make from HM Revenue & Customs. No allowances have been made for Scottish & Welsh rate taxpayers.

An annual allowance applies to the total amount paid into all of your pensions in each year. If payments exceed the annual allowance, a tax charge will be payable on the excess. Ask us for details.

The figures shown are provided for indicative purposes only, and are not guaranteed. Actual payments, and any tax relief, will depend on HMRC rules and your personal circumstances, both of which may change.

WHAT SHOULD YOU DO NOW?

WHAT SHOULD YOU DO NOW?

You may be surprised how much difference paying in a little more can make. Especially if your employer matches what you pay in and you include tax relief.

You can use our ‘Paying more calculator’. It will show how increasing your pension payments can add up for you.

EMPLOYEES AND MEMBERS

EMPLOYEES AND MEMBERS

Joining a company pension means you'll have your own pension pot when you decide to take your benefit (on top of state pension).

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NOT SURE WHERE TO START?

NOT SURE WHERE TO START?

If you don’t know what to do about retirement or pensions, let us help. We’ll explain the basics and give you all the information you need to get started.

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COMBINE YOUR PENSIONS

COMBINE YOUR PENSIONS

Got more than one pension? Then you could think about putting them all in one place. Combining your pensions with Scottish Widows is simple and we won't charge you for this service.

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