Can I save in multiple pension schemes?
Yes - since 6 April 2006, new tax rules have made it easier to save in more than one occupational or personal pension. These rules also make it easier to save in both an occupational and personal pension scheme at the same time.
Saving in more than one pension scheme can give flexibility and choice, but it can also lead to you paying more in administration costs. So what is best for you can depend on your circumstances, your retirement needs and what pension saving you have already made.
To help you decide the best choice for you, you may find it useful to consult an independent financial adviser.
To find an Independent Financial Adviser near you visit the IFA Promotion website
Is there a limit to how much I can save in a private pension
scheme?
Yes – because you get tax relief on the money you save
in a pension scheme, there are limits on how much you can save each year
and how much tax relief you can get on your total savings. On 6 April
2006, the Government introduced a simpler set of limits for all occupational
and personal pension schemes. These new rules will allow most people to
save more towards a pension and a retirement lump sum and to get tax relief
on this money. You can find out more about these new rules and how much
you can save from the Financial Services Authority (FSA), HM Revenue &
Customs or an independent financial adviser.
Phone the FSA consumer helpline:
0845 606 1234
Textphone: 0845 730 0204
Phone HM Revenue and Customs:
0845 302 1479
Lines are open from 8.30 am to 5.00 pm, Monday to Thursday, and from 8.30
am to 4.30 pm on Fridays.
Find out more on the HM Revenue and Customs
website