Use the Government AA calculator to help you understand if you’ll be affected based on the contributions you make for the current tax year.
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Manage your money
Your pension account is like any other investment
Keep an eye on it and stay up to date with market changes that could affect your choices.
Know how:
- The latest tax limits could affect you
Know more: The Annual Allowance
The Lifetime Allowance - To manage your pension account effectively
Start now: View your Plan checklist - Your Plan pension fits with your total savings and day-to-day budgeting
Get involved: Try a WEALTH at work seminar - Your Plan pension compares to other savings vehicles like ISAs
Read more: Pensions v ISAs
The Annual Allowance (AA)
The AA is the amount of pension savings (including Company contributions) that can be saved tax efficiently each year, in all tax registered pension arrangements.
For the 2019/20 tax year, the AA is £40,000, reducing on a sliding scale for members with ‘Adjusted Income’ of over £150,000.
The Company can offer alternative options for those who exceed the current tax limits, so if you think you are affected, contact the Plan’s administrator to find out more.
The Lifetime Allowance (LTA)
The LTA is the amount of tax‐efficient pension savings that you can build up in your lifetime.
For the 2019/20 tax year, the LTA is £1,055,000.
The Company can offer alternative options for those who exceed the current tax limits, so if you think you are affected, contact the Plan’s administrator to find out more.
Your Plan checklist. Use MyPension to:
- Provide a personal email address
- Provide a personal phone number
- Nominate your beneficiaries
- Review your investment choices
- Review your Target Retirement Age - this may affect some of your investment choices
- Check your contributions* - you can make update your contributions through ELEMENTS every 3 months*
- Set your mailing preferences
- Read your benefit statement
*Active members only.
Visit MyPension now to complete these actions!
Visit a wealth at work seminar
Whether you are beginning to think about your financial future or your focus is your short to medium term savings, there are a number of seminars available to help you plan for this. Log on and book your place using the log in details below:
Go to MyPension > Useful Information for login details. Or call the helpline on 01737 227589.