What is a workplace pension and how does it work?

A Workplace Pension is a way of saving for retirement. Contributions made within the Annual Allowance limit will benefit from tax relief at the Basic rate of 20%. Higher earners can reclaim any additional tax relief they are entitled to via their annual assessment.

Within the pension scheme individuals can invest in a range of funds, the options will be outlined in the plan documentation.

We always recommend independent financial advice is sought before making an investment decision, to ensure the fund selection is suitable for the individual’s retirement plans. As with any investment the value may increase or decrease.