Yes you can have as many as you like as long as you don’t pay more than the maximum allowed per year.
There is no minimum age; a pension can be started for a new born baby?
No, but if you are not working you can only pay £3,600 per tax year.
You can currently pay up to £40,000 per tax year or however much you have earned or expect to earn in a tax year if it less than £40,000.
This is where you have earned more than £40,000 and as you have not previously paid the maximum pension in one or more of the previous 3 years so you are allowed to pay more than this year’s maximum amount by using the previous year’s allowances
This depends on when you start and how much pension you would like at retirement. Money Matters FS Ltd can help you plan for the right amount.
The pension company claims 20% tax relief direct from HMRC when your contribution is received, Additional relief for higher rate tax payers is claimed via your tax return.
This is a compulsory pension that employers have to offer to their workers
Yes, this is possible but with care as some pensions have Safeguarded Benefits that would be lost on transfer.
The whole of the pension fund is normally paid to your estate free of tax if under the age of 75. For Final Salary Scheme pensions the death benefits vary from scheme to scheme
If it is before 75 and in Drawdown your fund is paid to your beneficiary tax-free lump sum or tax-free income, but if after 75 it is paid at the beneficiary’s tax rate. With annuity you choose the death benefits to apply at the outset and each benefit chosen reduces your expected pension income payment
No, pensions are individual arrangements.
From age 55.
Yes, but there may be a large tax bill if you do and future contribution allowance will be reduced so it’s very important to get advice before doing so.
Annuity or Drawdown or a combination of both.
The first 25% is tax free and the rest is taxable at your rate of tax, so if you do not pay tax there would be none to pay up to your personal allowance, if you are a basic or higher rate tax payer then your pension would have tax deducted accordingly.
Yes, if you are eligible.
Your choice, normally monthly, quarterly, 6 monthly or yearly.