We’re working on some exciting improvements to our pensions, and the services that support them. They’ll bring everything up to date and make your account easier to manage.
While we’re working on the improvements, we’ve had to make a few changes to the way you can pay into your pension. Although we’re not able to take online payments by debit card, you can still top up your account with either regular or ad-hoc payments online, by phone or by post.
Online: If you have a Direct Debit set up, sign in to Online Service and select the top up link to make an additional one-off Direct Debit payment.
By phone: To set up a Direct Debit or top up using a debit card, please call 03456 10 20 30.
By post: Cheques should be sent via post to Freepost Virgin Money, PO Box 9522, Chelmsford, CM99 2AB. Please remember to let us know your name, account number and postcode.
You also have the option of transferring in other pensions into your Virgin Money Pension but you need to make sure this is the right thing to do. We strongly recommend you seek financial advice first to fully understand the costs, risks and benefits.
There is no limit to how much you can put in but there are certain limits that may trigger a tax charge.
Each year, most people can contribute, up to the lower of:
- 100% of their salary
The rules are different if:
- You are over 55 and have flexible accessed your pension savings
- You don’t pay income tax
- You earn over £200k
- You already have pensions worth more than £1,073,100
For customers with earnings of more than £200k, your annual allowance is calculated using a sliding scale. Search gov.uk for ‘tapered annual allowance’ for more details.