Changing my contributions

You could pay more

The more you pay into your Retirement Account, the higher your benefits are likely to be when you retire. Paying in more while you are a long way from retirement can really help to boost your benefits because your contributions will be invested for longer. Depending on how your investments perform, this can significantly increase their value. You can change your rate of contribution through the contribution change form on the Pensions Portal.

Contribution limits

There are certain limits on the amount of contributions which qualify for tax relief but, as these are set at a high level, they are unlikely to affect most members. The Annual Allowance (AA) is set by the Government each year and sets out the amount of pension savings on which you can receive tax relief. Currently the AA is a maximum of £60,000 and this will apply for most members. However, under legislation the AA is reduced on a tapered scale for members whose earnings are above £110,000 and can be reduced to a minimum of £10,000. This reduced limit will also apply if you are subject to the Money Purchase Annual Allowance (MPAA). You can receive tax relief on pension contributions up to the lesser of the AA and your annual salary. This limit applies to the total contributions into your Retirement Account (including Wood’s contributions), as well as to any other pensions you may have such as a personal pension.