When you open your pension you can make a payment by bank account transfer or by debit card. If you want to change your contributions in future, or make an additional lump sum payment just give us a call.
Just remember, stopping or reducing your payments will reduce the amount you get back from your pension.
Yes, you can save in as many pensions as you like. If you already have a pension which you could pay into, you should discuss this with an independent financial adviser.
Visit www.unbiased.co.uk to find a financial adviser in your area.
You can transfer other pensions into a Virgin Pension, but you need to make sure it’s the right thing for you to do. We would strongly recommend you get independent financial advice first, to make sure you understand the costs, benefits and risks involved.
Please contact us for more information or visit www.unbiased.co.uk to find a financial adviser in your area.
There is no limit to how much you can save in a pension. However if you save more than certain limits you may trigger a tax charge.
Each year, most people can contribute tax-free up to the lower of:
- 100% of your salary
The rules are different if:
- You are over 55 and have already flexibly accessed your pension savings
- You do not pay income tax
- You earn over £200k
- You already have pensions worth more than £1,073,100
For customers with earnings of more than £200,000, the annual allowance is calculated using a sliding scale, starting from £40,000 and reducing down to £4,000. The way that earnings are worked out is complicated. If you think this might apply to you, search gov.uk Link opens in a new window/tab for ‘tapered annual allowance’ for more details.
If you think you may be affected by these exceptions please give us a call to discuss your options or visit the HMRC’s Tax On Your Private Pension Contributions information.
You can also find the latest tax information on gov.uk or speak to a tax specialist or independent financial adviser.
Some savings products give you the right to change your mind and cancel your plan within a certain period. You do not have this right to cancel stock market based investments like the Virgin Stakeholder Pension that are sold over the phone or online.