Maximum total amount that an individual can hold within all their pension funds
There’s also a maximum total amount that an individual can hold within all their pension funds without having to pay extra tax when you withdraw money from them. The lifetime allowance is a limit to the amount you can save in your Self-Invested Personal Pension or other pensions over your lifetime, but excludes your State Pension.
Limiting the amount of contributions you can make each year which attract tax relief
Flexibility over where your money is invested to fit in with your overall investment strategy
Self-Invested Personal Pensions are likely to be most suited to experienced investors who are comfortable choosing and managing investments themselves. You need to have the necessary skills to invest your own pension fund, and you must remember that the value of investments can fluctuate, so you could get back less than you invested.
One of the most tax-efficient ways of saving for retirement
Self-Invested Personal Pensions are one of the most tax-efficient ways of saving for retirement, and you can invest up to the annual allowance for tax relievable pension contributions (currently £40,000). As always, please bear in mind that tax relief will depend on your individual circumstances, and tax laws may change.
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