Add more to your pension savings

You can increase your regular contributions, or ask your employer to add a one-off lump sum from your salary

You can increase or decrease contributions at any time

You and your employer will be putting money regularly into your Smart Pension account, based on a percentage of your wages or salary.

If you'd like to increase the amount of money you're contributing, then there are two ways to do this:

  • you can increase your contributions by signing in to your account
  • you can top-up your savings with a one-off payment from your salary

Please speak to your employer's payroll department if you want to arrange a one-off payment from your salary. This is called an additional voluntary contribution (AVC). You should see the extra money in your account no more than six weeks after we get the next batch of payroll information from your employer.

You can increase or decrease contributions at any time

You and your employer will be putting money regularly into your Smart Pension account, based on a percentage of your wages or salary.

If you'd like to increase the amount of money you're contributing, then there are two ways to do this:

  • you can increase your contributions by signing in to your account
  • you can top-up your savings with a one-off payment from your salary

Please speak to your employer's payroll department if you want to arrange a one-off payment from your salary. This is called an additional voluntary contribution (AVC). You should see the extra money in your account no more than six weeks after we get the next batch of payroll information from your employer.

Is there a maximum amount you can put in each tax year?

Yes, it's known as the annual allowance. In the 2020/21 tax year, the annual allowance is £40,000 across all of your pension schemes. This includes your contributions, your employer’s contributions, and any tax relief you may get.

If you go over that amount then you'll incur a tax charge. It's known as the annual allowance charge. Your financial adviser can tell you more. If you don't have a financial adviser at the moment, you can find independent financial advisers near you on unbiased.co.uk Alternatively, the Pensionwise website is a good place to start getting to know your options.

Following the passing of the Finance Bill, 2020, if you have an annual income in excess of £200,000 or you’re already using some of your pension savings, then your annual allowance may be different.

Is there a maximum amount you can put in each tax year?

Yes, it's known as the annual allowance. In the 2020/21 tax year, the annual allowance is £40,000 across all of your pension schemes. This includes your contributions, your employer’s contributions, and any tax relief you may get.

If you go over that amount then you'll incur a tax charge. It's known as the annual allowance charge. Your financial adviser can tell you more. If you don't have a financial adviser at the moment, you can find independent financial advisers near you on unbiased.co.uk Alternatively, the Pensionwise website is a good place to start getting to know your options.

Following the passing of the Finance Bill, 2020, if you have an annual income in excess of £200,000 or you’re already using some of your pension savings, then your annual allowance may be different.

What is the lifetime allowance?

The Lifetime Allowance is a limit on how much pension benefit you may take out from your pension schemes in total – whether that’s as lump sums or as retirement income – without triggering an extra tax charge.

The lifetime allowance for the tax year 2020/21 is £1,073,100. That amount is likely to go up in line with inflation at the end of the current tax year.

Pensions are a long term investment, so what might seem a lot of money now, may in fact be very achievable over the course of your working lifetime.

That said, most people aren’t affected by the lifetime allowance at the moment. But if the combined value of your pension benefits is getting close to that amount, then you should take advice on what the appropriate action is for your individual situation.

What is the lifetime allowance?

The Lifetime Allowance is a limit on how much pension benefit you may take out from your pension schemes in total – whether that’s as lump sums or as retirement income – without triggering an extra tax charge.

The lifetime allowance for the tax year 2020/21 is £1,073,100. That amount is likely to go up in line with inflation at the end of the current tax year.

Pensions are a long term investment, so what might seem a lot of money now, may in fact be very achievable over the course of your working lifetime.

That said, most people aren’t affected by the lifetime allowance at the moment. But if the combined value of your pension benefits is getting close to that amount, then you should take advice on what the appropriate action is for your individual situation.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

You can increase or decrease contributions at any time

You and your employer will be putting money regularly into your Smart Pension account, based on a percentage of your wages or salary.

If you'd like to increase the amount of money you're contributing, then there are two ways to do this:

  • you can increase your contributions by signing in to your account
  • you can top-up your savings with a one-off payment from your salary

Please speak to your employer's payroll department if you want to arrange a one-off payment from your salary. This is called an additional voluntary contribution (AVC). You should see the extra money in your account no more than six weeks after we get the next batch of payroll information from your employer.

You can increase or decrease contributions at any time

You and your employer will be putting money regularly into your Smart Pension account, based on a percentage of your wages or salary.

If you'd like to increase the amount of money you're contributing, then there are two ways to do this:

  • you can increase your contributions by signing in to your account
  • you can top-up your savings with a one-off payment from your salary

Please speak to your employer's payroll department if you want to arrange a one-off payment from your salary. This is called an additional voluntary contribution (AVC). You should see the extra money in your account no more than six weeks after we get the next batch of payroll information from your employer.

You can increase or decrease contributions at any time

Is there a maximum amount you can put in each tax year?

Yes, it's known as the annual allowance. In the 2020/21 tax year, the annual allowance is £40,000 across all of your pension schemes. This includes your contributions, your employer’s contributions, and any tax relief you may get.

If you go over that amount then you'll incur a tax charge. It's known as the annual allowance charge. Your financial adviser can tell you more. If you don't have a financial adviser at the moment, you can find independent financial advisers near you on unbiased.co.uk Alternatively, the Pensionwise website is a good place to start getting to know your options.

Following the passing of the Finance Bill, 2020, if you have an annual income in excess of £200,000 or you’re already using some of your pension savings, then your annual allowance may be different.

Is there a maximum amount you can put in each tax year?

Yes, it's known as the annual allowance. In the 2020/21 tax year, the annual allowance is £40,000 across all of your pension schemes. This includes your contributions, your employer’s contributions, and any tax relief you may get.

If you go over that amount then you'll incur a tax charge. It's known as the annual allowance charge. Your financial adviser can tell you more. If you don't have a financial adviser at the moment, you can find independent financial advisers near you on unbiased.co.uk Alternatively, the Pensionwise website is a good place to start getting to know your options.

Following the passing of the Finance Bill, 2020, if you have an annual income in excess of £200,000 or you’re already using some of your pension savings, then your annual allowance may be different.

Is there a maximum amount you can put in each tax year?

What is the lifetime allowance?

The Lifetime Allowance is a limit on how much pension benefit you may take out from your pension schemes in total – whether that’s as lump sums or as retirement income – without triggering an extra tax charge.

The lifetime allowance for the tax year 2020/21 is £1,073,100. That amount is likely to go up in line with inflation at the end of the current tax year.

Pensions are a long term investment, so what might seem a lot of money now, may in fact be very achievable over the course of your working lifetime.

That said, most people aren’t affected by the lifetime allowance at the moment. But if the combined value of your pension benefits is getting close to that amount, then you should take advice on what the appropriate action is for your individual situation.

What is the lifetime allowance?

The Lifetime Allowance is a limit on how much pension benefit you may take out from your pension schemes in total – whether that’s as lump sums or as retirement income – without triggering an extra tax charge.

The lifetime allowance for the tax year 2020/21 is £1,073,100. That amount is likely to go up in line with inflation at the end of the current tax year.

Pensions are a long term investment, so what might seem a lot of money now, may in fact be very achievable over the course of your working lifetime.

That said, most people aren’t affected by the lifetime allowance at the moment. But if the combined value of your pension benefits is getting close to that amount, then you should take advice on what the appropriate action is for your individual situation.

What is the lifetime allowance?

Smart Pension's fund choices

No items found.

Smart All Stocks Index - Linked Gilts Index Fund

0.75%
AMC

Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).

Smart Annuity Fund

0.75%
AMC

Aims to invest in a way which matches the broad characteristics of investments underlying the pricing of a typical non-inflation linked annuity.

Smart Cash Fund

0.75%
AMC

Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.

Smart De-risking Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like a lower level of volatility than the smart growth funds.

Smart Ethical Global Equity Index Fund

0.87%
AMC

Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.

Smart Future Fund

0.75%
AMC

This fund aims to replicate the asset allocation, performance and risk profile of our Smart Growth Moderate fund, whilst incorporating additionalscreening criteria that revalues the weighting of each investment depending on their Environmental, Social, and Governance (ESG) score. It aims to limit the additional risks associated with ESG factors.

Smart Growth Fund - Higher Risk

0.75%
AMC

This fund carries a higher risk of fluctuation to your savings but has the potential for high growth, though this is not guaranteed

Smart Growth Fund - Lower Risk

0.75%
AMC

This fund carries the lowest risk of loss but also reduced likelihood of a high return, but it may be suitable if you are concerned about volatility.

Smart Growth Fund - Moderate Risk

0.75%
AMC

This fund has been created so that it will typically suit most our members, it has the medium level of risk of these funds.

Smart Income Fund

0.75%
AMC

Aims to provide long-term investment growth up to and during retirement, to facilitate the drawdown of retirement income.

Smart Lower Risk Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like an even lower level of volatility than the smart growth funds and the de-risking fund.

Smart North America Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE World North America Index, which provides broad exposure to companies in the North American equity market.

Smart Overseas Bond Index Fund - GBP Hedged

0.85%
AMC

Aims to invest in different types of bonds, including corporate and government bonds both in the UK and overseas.

Smart Sharia Fund

1.01%
AMC

Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.

Smart UK FTSE 100 Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE 100 Index, which contains the largest listed companies on the UK stock market.

Smart World (ex UK) Developed Equity Index Fund

0.75%
AMC

Aims to track the performance of the FTSE Developed (ex UK) Index, which provides broad exposure to large and mid-cap companies in the developed world, excluding the UK.

Smart World Emerging Markets Equity Index Fund

1.12%
AMC

Aims to track the return of the FTSE All-World Emerging Index, which provides access to key emerging economies including Brazil, Russia, India and China.

Smart Pension's fund choices

Smart All Stocks Index - Linked Gilts Index Fund

0.75%
AMC

Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).

Smart Annuity Fund

0.75%
AMC

Aims to invest in a way which matches the broad characteristics of investments underlying the pricing of a typical non-inflation linked annuity.

Smart Cash Fund

0.75%
AMC

Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.

Smart De-risking Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like a lower level of volatility than the smart growth funds.

Smart Ethical Global Equity Index Fund

0.87%
AMC

Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.

Smart Future Fund

0.75%
AMC

This fund aims to replicate the asset allocation, performance and risk profile of our Smart Growth Moderate fund, whilst incorporating additionalscreening criteria that revalues the weighting of each investment depending on their Environmental, Social, and Governance (ESG) score. It aims to limit the additional risks associated with ESG factors.

Smart Growth Fund - Higher Risk

0.75%
AMC

This fund carries a higher risk of fluctuation to your savings but has the potential for high growth, though this is not guaranteed

Smart Growth Fund - Lower Risk

0.75%
AMC

This fund carries the lowest risk of loss but also reduced likelihood of a high return, but it may be suitable if you are concerned about volatility.

Smart Growth Fund - Moderate Risk

0.75%
AMC

This fund has been created so that it will typically suit most our members, it has the medium level of risk of these funds.

Smart Income Fund

0.75%
AMC

Aims to provide long-term investment growth up to and during retirement, to facilitate the drawdown of retirement income.

Smart Lower Risk Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like an even lower level of volatility than the smart growth funds and the de-risking fund.

Smart North America Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE World North America Index, which provides broad exposure to companies in the North American equity market.

Smart Overseas Bond Index Fund - GBP Hedged

0.85%
AMC

Aims to invest in different types of bonds, including corporate and government bonds both in the UK and overseas.

Smart Sharia Fund

1.01%
AMC

Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.

Smart UK FTSE 100 Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE 100 Index, which contains the largest listed companies on the UK stock market.

Smart World (ex UK) Developed Equity Index Fund

0.75%
AMC

Aims to track the performance of the FTSE Developed (ex UK) Index, which provides broad exposure to large and mid-cap companies in the developed world, excluding the UK.

Smart World Emerging Markets Equity Index Fund

1.12%
AMC

Aims to track the return of the FTSE All-World Emerging Index, which provides access to key emerging economies including Brazil, Russia, India and China.