Guide to pension tax relief
Every year the government gives billions back to investors as tax relief on their pension contributions. If you’re a UK resident under 75 you can get tax relief, even if you don’t pay tax.
Our straightforward guide gives a run-down on:
- How pension tax relief currently works
- How much you can contribute to maximise tax relief
- How some high earners could receive up to £72,000 in tax relief
- Restrictions affecting higher earners
This isn’t personal advice, consider taking advice if you’re not sure. You can’t normally access money in a pension until age 55 (57 from 2028) when up to 25% is usually tax free and the rest taxable. Pension and tax rules can change and any benefits will depend on your circumstances.