Every payment you make is entitled to tax relief - normally at your highest rate. For basic-rate taxpayers, the tax relief is automatically added to your payments. For higher-rate taxpayers, part of the tax relief needs to be reclaimed.
The total payment can be broken down as shown:
Tax and legislation are likely to change in the future. The information given here is based on Standard Life's current understanding of law and HM Revenue and Customs practice.
Tax relief may alter and its value depends on your financial circumstances. The examples of tax relief shown above are based on a group personal pension arrangement.
Your pension in retirement will be taxed as earned income.
