The information in this calculator does not provide any contractual or statutory rights and does not override existing legislation.

Unless you select 'on' we won't set these cookies on your device. Standard Life Client Management acts as an introducer and refers customers to Age Partnership Limited. It makes sense to get to know your pension – or pensions – so you can keep track of how much you have, whether you’re likely to save more than the allowance, and decide what you want to do. Standard Life Assurance Limited continues to use the Standard Life brand, but products and services under this brand are provided by different companies: All the pension products on this website are provided by Standard Life Assurance Limited, which is part of the Phoenix Group. It's not a limit. You can save as much as you want into your pension, but there is a lifetime allowance on those savings. This calculator aims to provide an indication as to whether a clients’ benefits will exceed the Standard Lifetime Allowance. The £30,000 increase, which starts from 6 April 2018, means some people could pay less tax and keep more of their savings. Full product and service provider details are described in the Legal Information. This website describes products and services provided by Standard Life Assurance Limited (part of the Phoenix Group) and subsidiaries of the Standard Life Aberdeen Group. Remember that a pension is an investment. This website describes products and services provided by Standard Life Assurance Limited (part of the Phoenix Group) and subsidiaries of the Standard Life Aberdeen Group.

“From April 2018, the allowance is due to go up each year to match inflation, so your allowance isn’t likely to be what that figure is now,” explains David Downie, one of our technical pension experts here at Standard Life.

However, the value can also go down and you may end up with less money than you put in.

Tips to help you start saving for big life moments and ways to keep on track with your goals, Find out how to make the most of your regular income with these helpful money guides, Learn more about retirement planning and how to take your life savings, Get money insights and analysis from our experts for all financial life stages. You might want to think about other ways of saving for retirement, although, it may still make sense to keep saving into your pension. You have a pension valued at £1,078,100. The tax charge only takes effect when you take your pension savings, or when you reach 75. Plus, you might get other benefits, such as life cover.

Pension benefits that have already been crystallised won't be subject to further lifetime allowance (LTA) testing on death; The LTA position can differ depending on the type of scheme, whether lump sum or pension death benefits are paid and also the timing of paying the benefits ; Lumps sums over the LTA are taxed at 55% on the excess; Pensions over the LTA are taxed at 25% on the excess; …

Pensions are a tax-efficient way to save for retirement. It depends on how you take your savings. Standard Life International dac is authorised and regulated by the Central Bank of Ireland and subject to limited regulation in the UK by the Financial Regulation Authority.

You can find more information about Standard Life Aberdeen plc’s strategic partnership with Phoenix at www.standardlife.com/partnership© 2020 Standard Life Aberdeen, reproduced under licence. Learn more about bringing your pensions together.

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