Limits and taxation
The Scheme is a registered pension scheme for HM Revenue & Customs (HMRC) purposes. Being a registered pension scheme means there are several tax advantages for you as a member. Consequently, HMRC impose limits on the amount of pension savings you can make each year (the Annual Allowance) and build up over your working life (the Lifetime Allowance). It is your responsibility to ensure you monitor and understand how your pension savings may be affected by the allowances imposed by HMRC.
Further information on either the Annual Allowance or Lifetime Allowance can be found in the Member Booklet which is available to download from the Document library. You can also find more information at www.moneyhelper.org.uk or www.hmrc.gov.uk