Add more money to your pension

What to think about

How much you can pay in

It can still be a good idea to put money into your pension plan because it gets added tax relief when it goes in. Plus, when you take benefits from your plan, you can take up to 25% tax-free cash from your retirement pot.

How much you can put in and gain this tax-efficiency depends on whether or not you have already taken any taxable income or lump sums from any money purchase pension planA pension plan that isn’t a final or career average scheme. What you get depends on what you put in and any investment growth..

  • If you haven’t accessed your benefits yet or have only taken your tax-free lump sum:
    You can normally pay up to £60,000 (the Annual Allowance) into your pensions each tax year without paying a tax charge. However, if you are a high earner, a lower limit could apply known as Tapered Annual Allowance. See further information at
  • If you’ve taken your tax-free lump sum and a taxable income or lump sums:
    How much you can pay into your pensions each tax year without paying a tax charge is reduced to £10,000.

What you can do

How to pay money in

Call 0345 716 6733. We'll go through some of your options, like which investment you want to choose, then send you a quote and a form which you can post or email back to us.

You can make single payments by cheque or BACS, or regular payments by Direct Debit.

Transfer another pension plan

You can transfer another pension to your Retirement Account, as long as you aren’t already getting a guaranteed income for life (an annuity), or it’s a type of pension that’s based on your salary. Transferring your pension may not be suitable for everyone, it’s important to seek financial advice before you make a decision.

How you do this depends on whether you’ve taken the tax free lump sum from the pension you wish to transfer.

  • Transferring plans where you haven’t taken a tax-free lump sum:
    You can do this online
  • Transferring plans where you’ve taken the tax-free lump sum:
    You can only do this with the help of a financial adviser. Advice can also be given on whether transferring is right for you. Advisers usually charge for any advice given. 

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.

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