Do I receive tax relief on my contributions?

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The Scheme is fully approved by HM Revenue and Customs, which means that you receive tax relief on your contributions.

To achieve this, your contributions are deducted from your allowances before you pay tax. So, for example, if you pay tax at the rate of 20%, every £1 that you contribute to the Scheme only costs you 80p net.

There are restrictions on the amount of tax relief available on pension contributions. If the value of your pension savings increase in any one year by more than the Annual Allowance you may have to pay a tax charge.

Most members will not be affected by the Annual Allowance.