What's the big deal with pensions?
A pension is one way to save for your retirement that the Government is so eager for you to pay into, that they'll normally add to whatever you pay in.
If the basic rate of tax is 20%*, for every £80 you pay into your plan, the Government will automatically top up your pension with an additional £20.
* If you are a Scottish taxpayer, the tax relief you will be entitled to will be at the Scottish Rate of income tax which may be different from the rest of the UK in the future.
If you're a higher or additional rate taxpayer, you can claim further tax relief via your self-assessment tax return.
If you're a Scottish taxpayer, HMRC will make any necessary adjustments to your tax relief through self-assessment.
With our range of pension calculators, you can get an idea of how much to put away each month, work out how much you could save in tax relief when paying into a pension, and more.
A guide to retirement planning
For more information you should ask your financial adviser, who may make a charge.
Tax treatment will depend upon your individual circumstances. Your circumstances and tax rules may change.
Pensions are a long-term investment. The retirement benefits you receive from your pension plan will depend on a number of factors including the value of your plan when you decide to take your benefits which isn't guaranteed, and can go down as well as up. The value of your plan could fall below the amount(s) paid in.