Q: Will I get any tax benefits on my pension savings from the government?

You’ll receive tax benefits from the government on the payments you make into your personal pension plan. The amount of tax benefits you receive depends on your income tax rate. So, if you’re a basic rate taxpayer and pay £80 into your pension, the government will automatically add £20 on top of that. That means a £100 payment into your pension would only cost you £80. The government usually pay tax benefits 10-12 weeks later, however, as Standard Life pre-fund these tax benefits, you would see this in your pension pot immediately. If you’re a higher or additional rate taxpayer, you can claim back even more tax benefits, but you’d need to contact the relevant government department directly to arrange this. Remember that tax treatment depends on your individual circumstances, including where you live in the UK. Tax rules may change in the future.

Q: Can I bring my old pensions together?

Yes – with our personal pension, you have the option to bring all your pensions together.

Question 1

What is a personal pension?

Accepted Answer

A personal pension is a long-term investment that allows you to save for your retirement in a tax-efficient way. Unlike a workplace pension, which is set up by your employer, you can set up a personal pension yourself. Remember that a pension is an investment. The value of investments can go down as well as up and you could get back less than what was paid in. Once your personal pension is open, you can start paying into it or transfer other pensions to it. The money you pay in is invested so it has the opportunity to grow over time &ndash; this can be in individual funds or funds that are part of a lifestyle profile.

Question 2

Will I get any tax benefits on my pension savings from the government?

Accepted Answer

You&rsquo;ll receive tax benefits from the government on the payments you make into your personal pension plan. The amount of tax benefits you receive depends on your income tax rate. So, if you&rsquo;re a basic rate taxpayer and pay &pound;80 into your pension, the government will automatically add &pound;20 on top of that. That means a &pound;100 payment into your pension would only cost you &pound;80. The government usually pay tax benefits 10-12 weeks later, however, as Standard Life pre-fund these tax benefits, you would see this in your pension pot immediately. If you&rsquo;re a higher or additional rate taxpayer, you can claim back even more tax benefits, but you&rsquo;d need to contact the relevant government department directly to arrange this. Remember that tax treatment depends on your individual circumstances, including where you live in the UK. Tax rules may change in the future.

Question 3

Can I bring my old pensions together?

Accepted Answer

Yes &ndash; with our personal pension, you have the option to bring all your pensions together.

Question 4

Can I take out money from this type of pension plan?

Accepted Answer

Yes, you can access your pension savings normally from age 55 (rising to 57 from 6 April 2028). It&rsquo;s easy to access your pension savings and everything can be managed from your online dashboard or app, where you can take out your money in a way that suits you. And, we&rsquo;ll aim to pay the money into your account within 5&ndash;10 working days. From age 50 you can get free impartial guidance from Pension Wise, a service from MoneyHelper. Visit the MoneyHelper website or call 0800 138 3944.

Question 5

Can I change my investment options?

Accepted Answer

With our personal pension, you can easily change your investment options via your online dashboard or app. It&rsquo;s a good idea to review your investment choices on a regular basis to check you&rsquo;re on track for the retirement you want. Can I open a personal pension if I&rsquo;m self-employed? Yes. If you&rsquo;re self-employed, you can open a personal pension with us and pay into it as an individual or via your company.

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