A pension pot is for saving towards retirement. You can start withdrawing your money from age 55 (57 from 2028).
Every time you add money, you’ll get a 25% bonus added automatically (this usually arrives at the end of the following month).
We call this a bonus as it’s like free money from the government. It’s actually tax relief, and is to refund tax you’ve paid (or will pay) on your income.
If you pay 40% or 45% tax, you can claim more back via a Self Assessment tax return.
Keep in mind, tax rules may change, and your tax benefits depend on your circumstances.
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By making an investment, your capital is at risk. The value of your investments depends on market fluctuations outside of our control and you may get back less than you invest. Past performance is no indicator of future performance. The tax treatment of an ISA and a pension depends on your individual circumstances and may be subject to change in the future. You should seek financial advice if you are unsure about investing.
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