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What about tax?

Let's see how tax may affect how much you can save and what you get

As you’re building your pension, there are some tax restrictions you need to think about. These restrictions apply to your pension with us, and with all other UK-based pension schemes.

How is your pension taxed?

When you retire, there are a few different ways you can choose to take your pension and/or one-off, cash lump sum. Changing how much pension and/or lump sum you take can impact how your pension’s taxed and how much you may have to pay.

Your pension is taxed during payment just like a regular income using your tax code provided by HMRC.

There’s more about how your pension’s taxed in start taking your benefits.