Tax relief

Your contributions to FuturePlanner qualify for tax relief.

Your contributions are deducted from your pay before your tax is calculated, so you will automatically receive tax relief.

Your contributions are all handled within the Company payroll. The contribution rate you select is taken off your pay first and then your income tax is calculated. This means you are not paying tax on the pension contributions.

For someone paying tax at 20%, each £1 of employee contribution costs 80p in terms of take-home pay.

For someone paying tax at 40%, each £1 employee contribution costs 60p in terms of take-home pay.

In combination with the Smart saving you can make and the fact that the Company pays the two-for-one double-matching contribution, this means that each £3 invested in your Retirement Account may cost you as little as 68p in terms of your take-home pay (depending on the overall level of your income).

Use our two-for-one-tool, which is a net pay calculator, to see you much money would go into your Retirement Account at different levels of contribution and what the impact on your take-home pay would be.

There are limits on the amount of tax relief you are allowed on your pension savings, both annually and, until recently, over the course of your lifetime. Please see the Annual Allowance and Lifetime Allowance factsheets for more information on the current HMRC allowances.