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A workplace pension is a way of saving for your retirement that’s arranged by your employer.
It works by your employer putting a percentage of your pay after tax into a pension scheme every payday.
You can also contribute and “top up” what you’re getting from your employer. You’ll also get a basic rate (20%) tax relief on these contributions – usually the pension provider will get it for you and add it to your pot. This is called “automatic relief”.
However, if you earn over the higher tax rate threshold (£50,270 in the 2023/24 tax year), you can claim additional tax relief (another 20% or 25%). You do this by filing a Self Assessment tax return.
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