A pension is a long-term investment. Its value can go down as well as up and could be worth less than was paid in. Laws and tax rules may change in the future. Your own circumstances and where you live in the UK will also have an impact on tax treatment.

Why top up your pension plan?

Saving into a pension plan can help you build up savings for later life. It’s there so that when you decide to either stop working or reduce your hours you can still have enough to live on.

Even if you feel that your savings are on track to live comfortably in retirement, you can still top up your pension plan to help give your savings a boost.

You'll get tax relief on your savings

We'll automatically claim 20% tax relief to top up every payment you make. So for every £80 you pay in, £100 will go into your pension. Higher-rate tax payer? You may be able to claim extra tax relief from the government in your self-assessment.

The annual allowance is the total that you, your employer and any third party can pay in across all your pension plans in any given tax year. Any more than this and you could get a tax charge. Right now*, the annual allowance is £60,000.

* Last updated September 20205

You can find out more about tax relief and get some examples in our pension basics guide.

What you can do

  • Top up your savings your way

    You can set up regular payments and adjust them anytime online or by phone. If you receive a lump sum, such as a bonus or inheritance, you can make a one-off payment to boost your pension.

  • Manage your pension online

    Many of our pension plans allow you to make changes to your pension plan investments online.