Take control of your retirement today – open a Virgin Personal Pension and unlock your tax benefits. Even modest amounts can add up over time and give you an extra boost in retirement.


The taxman tops up payments you make by at least 25%.
Your employer can contribute and you can transfer in most existing pensions.

Full control

Start, stop and change your payments whenever you need to.
24/7 online access and UK-based call centres.


Our customers trust us with over £1 billion of their savings.
We meet and beat industry-wide 'stakeholder' pension standardsLink opens in a new window.


One simple annual ongoing chargeLink opens in a new window of 1% of the value of your pension.
Our straightforward approach gradually moves your money into a lower risk fund as you approach retirement.

Please bear in mind, the value of your investment can go down as well as up and you may get back less than you invest. Tax benefits depend on individual circumstances and may change in the future.

The earliest you can normally take your pension savings is your 55th birthday (57 from 2028). If you stop or reduce your payments you will reduce the amount you get back from your pension.

Guide to pensions

What do I need to know about a personal pension?

A personal pension is a tax-efficient way of saving for your retirement, in addition to your state or workplace pension. Your money is invested in the stock market and the Government refunds the tax on your contributions.

You can start saving with just £1 and because of the tax advantages, and the growth potential of the stock market, even modest amounts can add up.

See how saving £100 a month over 20 years could grow 

Once you reach 55 (57 from 2028) you can choose how you would like to access your pension savings.

Tip: Even small amounts add up over time.

What tax advantages will I benefit from?

One of the main benefits of a pension is the tax relief you get.

It's very hard to beat the growth potential of a personal pension because of the tax advantages.

You benefit from them in two ways:

  • The taxman tops up payments you make.
  • While your money is invested any growth in value remains tax-free.

The rate the taxman tops up your pension depends on your tax band.

To invest £100 in your pension

Basic tax rate payer
You earn around £10,600 - £42,385

You pay

Tax relief


Higher tax rate payer
You earn around £42,385 - £150,000

You pay

Tax relief


More about higher rate and top rate tax relief

Top-ups at the basic rate of tax are automatically added to your pension. For the higher rate proportion of your earnings (£42,000 or more) you claim back additional refunds through tax self assessment at the end of the year, this can either be paid directly to you or adjusted in your tax code.

If you earn £110,000 or more the rules for you will soon be changing please visit the Government's Tapered Allowance information for details.

Why act now?

The sooner you start putting money into a pension the more your contributions add up and delays can cost a surprising amount.

  • Even small amounts add up over time.
  • Starting just one year earlier can make a big difference.

Here's an example of what pension savings could add up to:

Monthly payments table

The following table makes several assumptions.

Monthly paymentStarting agePension pot at retirementCost of delaying by just one year

*View the assumptions the table above makes

Lump sum table

The following table makes several assumptions.

Lump sumStarting agePension pot at retirementCost of delaying by just one year

*View the assumptions the table above makes

How can I access my pensions savings?

You don't have to decide any time soon but, when you do reach age 55 (57 from 2028), the good news is that recent rule changes mean you have more flexibility than ever before.

You can continue to contribute until you choose to retire or:

  • Withdraw all your savings – up to the first 25% is tax-free.
  • Leave your savings untouched until you need them – they could continue to grow in the meantime.
  • Use your pension pot to buy a secure retirement income, typically known as an 'annuity'.
  • Transfer free of charge to another pension provider useful if you are combining pension pots or you want withdraw cash as and when you need it.

Tip: If you decide to use your Virgin Money Pension savings to buy a form of future income make sure you shop around thoroughly – provider fees, rates and charges can vary significantly.

Pensions in Three Minutes

Watch our straightforward, straight-talking pension video - no jargon, no hassle.

Straightforward pension

  • No difficult decisions about what to invest in - a simple way to save for retirement.
  • Gradually moves your money to reduce the risk as you approach retirement, when looking after your money becomes a priority.
More information and apply

Prefer to choose your own investments?

If you prefer to choose which fund(s) your pension is invested in, we have five options which you have the freedom to switch between at any time.

Choose your own fund(s)

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