You can contribute up to 100% of your salary towards your pension savings and still get tax relief, as long as the combined contributions from you and your employer are below the annual allowance.
This applies to all the pension schemes you’re actively saving into, including our Scheme and any personal pensions you have.
This allowance is currently £60,000 a year.
Your pension is ‘ring-fenced’ for your retirement. You usually can’t take money out of pension savings until you’re at least 55.
The only exceptions are:
- You qualify to take pension savings early because of serious ill-health, or
- your pension scheme’s rules allow you to take pension savings earlier (and this is rare).
It’s currently expected that the minimum age for taking pension savings will increase to 57 in 2028.