FAQs
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"Can I pay further contributions after taking a flexible lump sum?"
Yes, however, the annual allowance is a limit to the total amount of money you can save into your pension arrangements across all of the different schemes you belong to and receive tax relief on.
"Will taking my pension affect my State Pension?"
Your State Pension is based on your National Insurance contribution history and is separate from any of your private pensions.
"If I take a flexible lump sum, how am I taxed?"
With this option you spread your tax-free lump sum across all withdrawals you take from your pension savings.
"Payments haven’t been made to my workplace pension scheme. What do I do?"
If your employer is behind with payments, we’ll initially get in touch with them to let them know that a payment is overdue.
"Can I transfer out to a Self-Invested Personal Pension (SIPP) or a Small Self-Administered Scheme (SSAS)?"
"Why has my pension gone down in value?"
When you or your employer contributes to your pension, we invest it in your selected fund(s). Depending on the fund performance your pension can go down as well as up.
"How can I make a complaint?"
If you think we’ve got something wrong, please let us know as soon as possible. We’ll do our best to put things right.
"How much should my employer contribute?"
Your employer has to pay a minimum of 3% on what’s known as qualifying earnings into your pension savings.
"How long does it take to get the tax relief from HMRC?"
If your employer is using the ‘net pay arrangement’ method where your contributions are taken from your pay before tax, you’ll get your full tax relief straightaway.