Reviewing Your Pension Contributions – Are you saving enough?

It’s important to regularly review how much you’re paying into your retirement pot. If you decide that you want to increase your contributions, you can so at any point. It’s a simple process, and we’ll show you how.

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Reviewing your pension contributions – Are you saving enough?


Reviewing Your Pension Contributions leaflet

Reviewing your pension contributions – Are you saving enough?

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Reviewing Your Pension Contributions Understanding The BasicsKPS-MP
The Kingfisher Pension Scheme – Money Purchase Section

Retirement Account
This is the fund account where your contributions are paid into each month and then invested.

Tax Relief
When paying into your pension, you receive tax relief on any contributions that you make. This is at the highest rate of income tax that you pay, provided that the total gross pension contributions paid into your pension scheme, by you, your employer and anyone else don’t exceed the lower of:

  • your annual earnings; and
  • the annual allowance.

Annual Allowance
An Annual Allowance for pension savings applies each year, which is based on a period of 12 months. In other words it is the amount of pension contributions available on pension savings for each tax year. The Annual Allowance for most is currently £40,000 (correct as at 2016/17 tax year). This is the maximum you or someone else, e.g. the Company, can contribute to all your pensions in one year, without incurring a tax charge. It also includes any benefits accrued in a final salary pension

Tax free cash sum
the amount of your “pot” you want to take as a tax free lump sum. Maximum 25%.