Personal Pensions

Our Personal Pension is a tax-efficient, long-term investment product for your retirement.

With our Personal Pension, you can usually invest up to 100% of your income or £40,000 (whichever is lower) tax free in this tax year. With True Potential Investor, you decide how you want to fund your pension:

Start a savings plan from
£1 per month


Transfer in from
your current pensions


Open an account
with just £1

Open a Personal Pension Transfer Your Current Pension

With investing, your capital is at risk.


What Is a Personal Pension?

A Personal Pension is a tax-efficient savings scheme used to build an income in retirement. You can usually invest up to 100% of your income up to the £40,000 pension annual allowance, so if you earn £35,000 this tax year, you can put it all into your pension.  Please refer the section below in connection with the tax relief that is available on personal contributions.

There is also a lifetime allowance for pensions, which is currently £1 million. This is the maximum amount that can be held in your pensions at retirement.

Recent changes to pensions give greater freedom and flexibility to those with a private pension. On reaching retirement age, you will be able to withdraw your entire pension in a lump sum or take an income over time.

Importantly, the age at which you can cash in your pension is currently 55, this will rise to 57 in 2028. This will then track 10 years below the state pension age, which rises with life expectancy over time. It’s vital that you understand the age at which you will be able to access your pension when setting your retirement goal.


A Personal Pension is a tax-efficient way to invest for your retirement. Like an ISA, you won’t pay tax on any  income or capital gains from your investments.

However, with a personal pension, you also get tax relief on any personal contributions you make, meaning the government adds payments to any amounts you put in:


Tax Payer Type Tax Relief
Basic Rate 20%
Higher Rate 40%*
Additional Rate 45%*

* Higher and additional rate taxpayers will need to claim the additional tax relief through their annual tax return, depending on personal circumstances.

At retirement age, you’ll, have a lot of freedom over how you can withdraw and spend your pension. You can:

If you plan to take a regular income, our Personal Pension account allows for flexible drawdown. This means you will be able to take out either an income with an upper annual limit or take an income with no annual cap.

Overall, a Personal Pension is an attractive, tax-efficient way to save for your retirement. You even get a tax top up from
the government in exchange for locking your money away over the long-term. Thanks to the tax top up, Personal Pensions
are especially tax-efficient if you are a higher rate or additional rate taxpayer while you work and become a basic rate
taxpayer when you retire.

Open a Personal Pension Transfer Your Current Pension

With investing, your capital is at risk. Investments can fluctuate in value and you may get back less than you invest. Tax rules can change at any time.