You must read and save the following documents:
Points to be aware of:
- Minimum account opening limits: Lump sum £1,000 and monthly savings £50.
- Minimum top up limits: Lump sum £1,000 and monthly savings £50.
- The maximum you can pay into your pension each tax year is £40,000, including employer contributions (this figure does not include any transfers you wish to make from other pension providers; there is no limit to how much you can transfer). Exceed this limit and you could end up paying up to 45% tax.
- Unused annual allowances from the previous three tax years can be carried forward to this tax year without incurring tax (even if it exceeds £40,000).
- Unlike personal contributions, employer contributions do not attract tax relief.
- Contributions from your limited company (which are considered employer contributions) can usually be offset as a business expense which will reduce your potential corporation tax liability.
- Read more on all the above in the pension tax factsheet.
Acceptable payment methods
- Cheque, Bank transfer or Direct Debit for regular savings
Check you have these ready
Your bank or payment details
The company registration number (you can usually find this on company letterhead)