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.
How the total payment is made up is shown below:
The information given here is based on Standard Life's current understanding of law and HM Revenue and Customs practice. The examples of tax relief shown above are based on a group personal pension arrangement.
Tax and legislation are likely to change in the future. Tax relief may alter and its value depends on your financial circumstances.
Your pension in retirement will be taxed as earned income.
