Initial and ongoing costs associated with your plan are taken into account when the original amount of income is calculated. No further charges are taken from your income once your plan is set up.
If you buy your IVPPP with a cash lump sum then we'll add basic-rate tax relief to that payment. If you're a higher-rate tax payer you may be able to claim back more tax relief through your tax return.
Tax relief may be altered and the value to you depends on your financial circumstances.
Apart from the tax-free lump sum, each payment that we make to you is treated as Pay As You Earn (PAYE) income. This means you'll pay tax according to the coding given to you by HM Revenue & Customs.
You can find more information about tax and pensions at www.hmrc.gov.uk/pensioners
This link is provided for general information purposes only. Standard Life accepts no responsibility for information contained in the site or for the site not being available at all times.
Any reference to legislation and taxation is based on Standard Life's understanding of law and HM Revenue & Customs practice at date of publication. Legislation and taxation are liable to change in the future.
