Pension Planning

Pensions explained

From understanding tax relief to using your pension as income, we're here to help.

We want you to get excited about your pension. Because there’s a lot to get excited about. Your pension is one of the best ways to save for retirement and offers lots of valuable benefits.

There’s more to it than just putting money aside too. And that’s why we’re here. To help you work through the bits that might be putting you off fulfilling your pension’s potential.

There's more to your pension than meets the eye

  • Any growth in your pension is free from income and capital gains tax.
  • Basic rate taxpayers receive an extra £20 for every £80 they contribute.
  • Higher rate and additional taxpayers can claim an extra 20% or 25% tax relief through self-assessment.
  • Typically, you can contribute up to 100% of your earnings (up to £40,000).

The power of the workplace pension

All employers have to offer a workplace pension - and it shouldn’t be underestimated. In most cases, for every contribution you make to yours, your employer will make a contribution too (based on certain rules). If you’re not sure how much you’re contributing, it’s worth checking to see if you can put in more. Even if it doesn’t seem like much, a bit extra can make a big difference over time.

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If you're self employed

When you’re self-employed it’s especially important to find the balance between maintaining a steady cash flow for your business and saving for retirement. We can help you consider potential ways to build your pension pot.

We're here for the late starters too

Obviously, the sooner you start saving into your pension, the more money you’re likely to have when you retire. But we’re here for every stage in life. So even if you think you’ve left it too late – talk to us. We might be able to help.

Important information about your pension

A pension is a long term investment and your Capital is at Risk. Your fund value will fluctuate and can go down. You could get back less than you paid in. Your eventual income will depend upon the size of the fund at retirement, future interest rates & tax legislation.

Why choose Skipton for pension planning

No pressure promise

We'll never push you into taking up a recommendation or service you don't want or need.

No implementation no charge

You'll only be charged if you decide to implement your financial plan.

Financial planning experts

Your adviser will discuss with you your current lifestyle and financial situation, and build a plan tailored to your needs.

Get in touch

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If you’ve got a quick query, drop us a line on web chat and our friendly team will be happy to help you out.

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Call us on
0800 731 5342
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We have Financial advisers covering the whole of the UK, in branches at home or via video link.

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Site intended for UK residents only. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.

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