Is there a limit to how much I can contribute?

At the present time there is no overall limit on the amount of contributions you can pay (although there is a limit on the amount you can pay into the Scheme’s AVC arrangement).

However, tax relief will only be given on contributions up to 100% of your UK taxable earnings (or, if greater, £3,600 to a “tax relief at source” arrangement, such as a personal pension or stakeholder pension scheme).

There are also HM Revenue and Customs controls known as the Lifetime Allowance and the Annual Allowance on all the pension savings you can have before you become subject to a tax charge.

Most scheme members’ pension savings will be less than these allowances.