Why make a one-off payment into my pension?

  • Make the most of the government boosting your savings. Full tax relief is available at your highest rate of income tax. Be aware the deadline for the end of the tax year is 5 April and consider the pension tax annual allowance limits and rules.
  • You only make a payment when you can afford it. You’re not committing to increased regular payments. It gives you the flexibility to make payment as and when you want, maybe from a work bonus or inheritance.
  • The earlier you pay, the bigger the potential impact. A single payment may build your pension savings quicker. The longer your pension savings are invested, the longer they have to grow for your retirement.
  • It could help with general tax planning. Higher earners can restore some or all of their personal tax allowance, or you could reduce the value of your general estate for inheritance tax purposes.