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Pension tax

Find out about the different types of taxes which could affect your pension

Pension tax changes

The government has announced changes to pension tax allowances and charges, which may affect tax management measures that you’ve put in place or your savings decisions. Find out more in our pension tax update.

Something to keep in mind

As you’re planning for the future, you may be thinking about what you want to do with your pension. As you’re doing this, it’s good to consider the tax implications of how much you’re building – and how much you’re going to be taking out.

You may also want to see whether there’s anything you can start doing to manage your tax liability, particularly if you’re a high earner.

Take a look at the various taxes associated with your pension below and some options we offer which could help you manage them.

For important information on this guidance please see our key terms and important information page.

For important information on this guidance please see our key names and important information page.

  • Annual Allowance

    See how much you can build each year before you need to pay any tax

  • Lump Sum Allowance and Lump Sum and Death Benefit Allowance

    See how much you can take from your pension before you’re charged any tax

  • Enhanced Opt Out

    Get to know more about our Enhanced Opt Out option

  • Voluntary Salary Cap

    See what you can do to manage the amount of tax you pay if you’re over the salary threshold

  • Scheme Pays

    Understand how you can use your pension to pay any Annual Allowance charges

  • Income tax in retirement

    Find out how your benefits and savings will be taxed when you’re receiving them in retirement