If you’re thinking about changing the amount you pay into your pension plan, we’ll be happy to help. It’s important to understand all your options, and the effect of any changes you make. There are a few things you should think about before you make any decisions.
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There’s a variety of pension plans available. They’re designed to provide a tax-efficient way of helping you to build up a pension pot to provide for your retirement.
Pension plans offer tax relief on your payments, subject to certain limits, with any growth in your plan being largely tax-free. In most cases you can take up to 25% of your plan tax-free and the remainder will be taxable.
You might need to pay tax depending on your circumstances and the options you choose. Tax rules can also change in the future. You may want to seek advice.
Your options will vary, depending on your plan and the choices you’ve made so far. We’ll explain them further if you call us.
There are a few things you should think about before making changes to your payments:
Depending on your plan and how close you are to taking your benefits, it may not be possible to increase payments to the With-Profits Fund.
Fraudsters are always out there and constantly changing their tactics. So if you’re thinking of reinvesting the money from your plan, take a minute to find out more, and stay ahead of the scammers. There is also some very useful information available from The Pensions Regulator.
Give us a call on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad. We can’t give you advice or make your decision for you, but we’ll be happy to help you understand your plan and talk you through all your available options and their possible implications.
We’re here 8am - 6pm Monday to Friday (except bank holidays) and happy to help in any way we can. Please make sure you have your plan number to hand when you call.
Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers at pru.co.uk.