In the United Kingdom, HMRC (Her Majesty’s Revenue and Customs) plays a vital role in managing and regulating pension schemes. Understanding the rules and benefits of a pension scheme is crucial for individuals planning their retirement and financial future. HMRC serves as the governing body that ensures pension schemes adhere to the established guidelines.
A pension scheme is a long-term savings plan designed to provide individuals with a regular income during retirement. It is an excellent way to secure financial stability and maintain a comfortable lifestyle in your golden years. However, the complexity surrounding pension schemes can be overwhelming. This is where the expertise and guidance of HMRC become invaluable.
HMRC oversees various aspects of pension schemes, including tax relief on contributions, the maximum amount that can be saved, and the age at which you can access your pension. It ensures that schemes comply with the relevant legislation and are administered fairly and efficiently. Additionally, HMRC maintains a record of registered pension schemes, making it easier for individuals to identify approved schemes and make informed decisions for their retirement planning.
By understanding the rules and benefits set forth by HMRC, individuals can maximize their pension savings and make the most out of their retirement income. It is essential to consult HMRC guidelines and seek professional advice to ensure compliance with the regulations and take full advantage of the tax advantages and incentives that pension schemes offer.
Understanding the Rules of Pension Scheme
When it comes to planning for retirement, understanding the rules of a pension scheme is essential. A pension scheme is a long-term savings plan that helps individuals build up a fund for their retirement.
What is a Pension Scheme?
A pension scheme is an arrangement where individuals make regular contributions during their working years, which are then invested to provide an income in retirement. It is a way to ensure financial security during old age.
Types of Pension Schemes
There are several types of pension schemes available, including workplace pensions, personal pensions, and state pensions. Each scheme has its own set of rules and eligibility criteria.
Workplace pensions, for example, are set up by employers and can be either defined benefit schemes, where the employee receives a fixed income in retirement, or defined contribution schemes, where the final income depends on the investments made.
Personal pensions, on the other hand, are set up by individuals and allow them to save for retirement on their own terms. Individuals can choose how much to contribute and how to invest their pension fund.
State pensions are provided by the government and are based on the individual’s National Insurance contributions. The amount received depends on the number of qualifying years and the individual’s retirement age.
Benefits of a Pension Scheme
Participating in a pension scheme has several benefits. One of the main benefits is that pension contributions receive tax relief. This means that individuals receive tax relief on the contributions they make to their pension, up to certain limits set by the government.
Furthermore, pension schemes are designed to provide a steady income in retirement, helping individuals maintain their standard of living. The income from a pension scheme can be received as a regular annuity or as a lump sum, depending on the individual’s preference and the rules of the scheme.
It’s important to understand the rules of a pension scheme to make informed decisions about contributions, investments, and retirement income options. Consulting with a financial advisor or using online resources provided by HMRC can help individuals navigate the complex rules and regulations surrounding pension schemes.
| Types of Pension Schemes | Benefits |
|---|---|
| Workplace pensions | Employer contributions, tax relief, retirement income |
| Personal pensions | Flexibility, tax relief, retirement income options |
| State pensions | Government-provided income, based on National Insurance contributions |
Eligibility Criteria for Pension Scheme
In order to participate in a pension scheme, individuals must meet certain eligibility criteria. These criteria are established to ensure that the scheme is available to those who truly need it and can benefit from it.
One of the key criteria for eligibility is age. Typically, individuals must be over a certain age, such as 22 or 25, to join a pension scheme. This ensures that individuals have had some time to establish their careers and start saving for retirement.
Another important criterion is employment status. Pension schemes are often reserved for individuals who are employed and receiving a regular income. This ensures that individuals have the means to contribute to the scheme and build their retirement savings.
Furthermore, individuals may need to meet certain income requirements to be eligible for a pension scheme. These requirements are put in place to ensure that individuals are able to make meaningful contributions to their pension savings.
Additionally, some schemes may have specific eligibility criteria based on factors such as industry or occupation. For example, certain professions or sectors may have their own pension schemes that are tailored to their specific needs and requirements.
It is important for individuals to understand and meet the eligibility criteria for a pension scheme in order to take advantage of its benefits. By participating in a scheme, individuals can build a secure financial future and ensure that they have a stable income during their retirement years.
Contribution Limits and Tax Relief
When it comes to contributing to a pension scheme, it’s important to understand the contribution limits and the tax relief available. The HMRC sets limits on how much individuals can contribute to their pension each year.
The annual allowance for pension contributions is currently set at £40,000 for most individuals. However, for those with adjusted income over £240,000, the annual allowance may be reduced. It’s important to note that any unused annual allowance from the previous three years can be carried forward, providing an opportunity to contribute more than the current year’s allowance.
One benefit of contributing to a pension scheme is the potential tax relief. Individuals can receive tax relief on their pension contributions, meaning that the government will contribute towards their pension savings. Basic rate taxpayers are entitled to 20% tax relief, while higher and additional rate taxpayers can receive 40% and 45% tax relief respectively.
For example, if a basic rate taxpayer makes a £1,000 contribution, the government will contribute an additional £250 in tax relief, bringing the total contribution to £1,250. Higher and additional rate taxpayers can claim additional tax relief through their self-assessment tax return.
It’s worth noting that there is a lifetime allowance on pension savings, currently set at £1,073,100. This means that individuals may incur a tax charge if their pension savings exceed this limit. It’s important to keep track of your pension savings and consult with a financial advisor to ensure you are maximizing your benefits within the limits set by HMRC.
Types of Pension Scheme available
There are various types of pension schemes available, designed to cater to different needs and circumstances. Some of the common types of pension schemes are:
1. Defined Benefit Pension Scheme:
A defined benefit pension scheme, also known as a final salary scheme, is a scheme where the benefits you receive in retirement are based on a formula that takes into account your salary and years of service. The scheme guarantees a specific level of benefit, regardless of investment performance.
2. Defined Contribution Pension Scheme:
A defined contribution pension scheme is a scheme where your contributions are invested and the final amount you receive in retirement depends on the performance of these investments. The scheme does not guarantee a specific level of benefit and the final pension amount can vary based on investment returns.
3. Self-Invested Personal Pension (SIPP):
A self-invested personal pension (SIPP) is a type of pension scheme that gives you more control over your investments. With a SIPP, you can choose where to invest your pension funds, such as stocks, bonds, property, or cash. This type of scheme is popular among individuals who want to actively manage their pension investments.
These are just a few examples of the different types of pension schemes available. It’s important to research and understand the features and benefits of each scheme before making a decision.
Pension Scheme Governance and Regulation
Proper governance and regulation of pension schemes is crucial to ensure the financial security and protection of members. The UK government has established the HMRC (Her Majesty’s Revenue and Customs) as the regulatory body responsible for overseeing pension schemes.
The HMRC sets out a set of rules and guidelines that pension schemes must adhere to. These rules cover various aspects of scheme operation, including contributions, investments, and benefits. Schemes must meet these requirements to maintain their tax-privileged status.
Key Features of Pension Scheme Governance and Regulation
1. Trustee Responsibilities: Pension scheme trustees have a legal duty to act in the best interests of scheme members. They must ensure the scheme is run in accordance with the HMRC rules and take steps to safeguard members’ benefits.
2. Reporting and Disclosure: Pension schemes must provide regular reports to members, detailing the scheme’s financial health and performance. In addition, they must disclose information about scheme charges, investment options, and any changes to the scheme’s rules or benefits.
3. Investment Guidelines: The HMRC sets out rules regarding the types of investments pension schemes can make. These rules aim to ensure that investments are diversified and that risks are appropriately managed.
4. Contribution Limits: There are annual and lifetime contribution limits that individuals can make to their pension scheme. These limits are put in place to prevent excessive tax advantages for high earners.
5. Benefit Rules: Pension schemes must establish rules for the payment of benefits to scheme members. These rules cover factors such as retirement age, eligibility criteria, and the calculation of pension benefits.
Ensuring Compliance
The HMRC conducts periodic checks and audits to ensure that pension schemes are compliant with the regulations. Schemes found to be non-compliant may face penalties or even lose their tax-privileged status.
It is essential for pension scheme administrators and trustees to stay updated on the HMRC rules and guidelines to ensure compliance. The governance and regulation framework helps protect the long-term financial security of scheme members and maintains public trust in pension schemes.
Benefits of Pension Scheme HMRC
A pension scheme administered by HMRC (Her Majesty’s Revenue and Customs) offers several benefits for individuals looking to save for their retirement.
1. Tax Relief
One of the key advantages of the HMRC pension scheme is the tax relief it provides. Contributions made to the scheme are eligible for tax relief, meaning individuals can receive tax benefits on their contributions. The amount of tax relief received depends on the individual’s income tax rate, with higher-rate taxpayers receiving more relief.
2. Employer Contributions
In many cases, employers also contribute to the pension scheme on behalf of their employees. These contributions are generally tax-free for employees and can significantly boost their retirement savings. The employer contributions, combined with the tax relief, can help individuals build a substantial pension fund.
Furthermore, employers may match a percentage of the employee’s contribution, providing an additional incentive for individuals to save for retirement.
Overall, the pension scheme administered by HMRC offers individuals an opportunity to save for their retirement tax-efficiently, with the potential for employer contributions to further enhance their savings. It is a valuable tool for individuals to secure their financial future and enjoy a comfortable retirement.
Retirement Income Options
Once you reach retirement age and start receiving your pension, you will have various options for how you can receive your retirement income. These options will depend on the pension scheme you are enrolled in and the rules set by the HMRC.
Lump Sum: One option is to take a lump sum of money from your pension scheme. This can be a tax-free lump sum or a taxable lump sum, depending on the rules of your specific pension scheme and the amount you withdraw.
Annuity: Another option is to use your pension savings to purchase an annuity. An annuity is a financial product that provides you with a regular income for the rest of your life. The amount of income you receive will depend on the size of your pension pot and the prevailing annuity rates at the time of purchase.
Flexi-access Drawdown: With flexi-access drawdown, you can keep your pension savings invested while still receiving an income. You can choose to take regular withdrawals from your pension as and when you need them, allowing you to have more control over your retirement income.
Uncrystallised Fund Pension Lump Sum (UFPLS): This option allows you to take ad hoc lump sums from your pension scheme while keeping the remainder of your pension invested. Each lump sum you take will typically be 25% tax-free, with the remaining 75% subject to income tax.
Defined Benefit Transfer: If you are a member of a defined benefit pension scheme, you may have the option to transfer out of the scheme and receive a lump sum or move to a defined contribution scheme. It is important to seek professional advice before making this decision as it can have significant implications for your retirement income.
Contribution-Based Annuity/Bespoke Solution: In some cases, pension schemes may offer bespoke retirement income options based on your individual circumstances. This could include a contribution-based annuity or a tailored solution designed to meet your specific needs and goals in retirement.
It is important to understand the rules and options available to you under your pension scheme and consult with a financial advisor to ensure you make an informed decision about your retirement income.
Tax Treatment of Pension Scheme Benefits
When it comes to pensions, understanding the tax treatment of pension scheme benefits is crucial. The tax implications can have a significant impact on the overall value of your retirement savings.
The tax treatment of pension scheme benefits will depend on several factors, including the type of pension scheme you have and the way you choose to access your benefits.
Under the current rules, contributions you make to your pension scheme are typically made from pre-tax income. This means that you receive tax relief on the contributions you make, reducing the overall amount of tax you need to pay.
However, when you eventually start to access your pension benefits, the tax treatment may vary. If you choose to take your pension benefits as a lump sum, you will usually be entitled to take 25% of the fund tax-free. The remaining 75% will be subject to income tax at your marginal rate.
If you decide to take your pension benefits as income through an annuity or a drawdown arrangement, the income you receive will be subject to income tax at your marginal rate.
It’s important to note that the tax treatment of pension scheme benefits can change over time, as the government is responsible for setting the rules and regulations. It’s always a good idea to stay informed and seek professional advice to ensure you understand the latest tax implications.
| Type of Pension Benefit | Tax Treatment |
|---|---|
| Lump Sum | 25% tax-free, 75% subject to income tax at marginal rate |
| Income (annuity or drawdown) | Subject to income tax at marginal rate |
Overall, understanding the tax treatment of pension scheme benefits is vital for effective retirement planning. By being aware of the tax implications, you can make informed decisions about how to maximize the value of your pension savings.
Death Benefit and Inheritance Tax
When it comes to pension schemes, understanding the rules and benefits is crucial. One important aspect to consider is the death benefit and its impact on inheritance tax.
The HMRC determines how death benefits from pension schemes are treated for tax purposes. In general, if an individual dies before the age of 75, their pension pot can be passed on tax-free. This means that beneficiaries will not have to pay any inheritance tax on the money they receive.
However, if the individual dies after the age of 75, the beneficiaries may be subject to inheritance tax. The tax rate will depend on the value of the pension pot and the overall value of the deceased individual’s estate.
It’s important for individuals to consider the potential inheritance tax implications when making decisions regarding their pension scheme. Seeking professional advice and planning ahead can help ensure that beneficiaries receive the maximum benefit from the scheme while minimizing any tax liabilities.
In summary, the death benefit in a pension scheme can have implications for inheritance tax. Understanding the rules and seeking professional advice is essential to ensure that beneficiaries receive the full benefits without unnecessary tax burdens.
How to Join Pension Scheme HMRC
If you are interested in joining the Pension Scheme HMRC, there are a few steps you need to follow:
Step 1: Understand the Benefits
Before joining the Pension Scheme HMRC, it is important to understand the benefits it offers. The scheme provides a secure and reliable source of income for retirement, with contributions from both the employer and the employee.
Members of the scheme can benefit from tax relief on their contributions, and the ability to transfer their pension pot if they change jobs. The scheme also offers important protections such as survivor benefits for spouses and dependents.
Step 2: Check Eligibility
Not everyone is eligible to join the Pension Scheme HMRC. In order to participate, you must be employed by HMRC and meet certain criteria. This includes being aged between 16 and 75, and earning at least the minimum threshold required for pension eligibility.
You will also need to check if you are already a member of another pension scheme, as this may affect your eligibility or require you to consolidate your pensions.
Step 3: Complete the Application
Once you have determined your eligibility, you can complete the application to join the Pension Scheme HMRC. This will involve providing your personal information, employment details, and any relevant financial information.
It is important to carefully read and understand the terms and conditions of the scheme before submitting your application. If you have any questions or require assistance, you can reach out to the HMRC pensions team for guidance.
Once your application is submitted, it will be reviewed by the HMRC pensions team. If approved, you will be enrolled in the scheme and can start benefiting from the advantages it offers for your retirement.
Procedure for Enrollment
To enroll in the pension scheme, individuals must follow a specific procedure set out by the HMRC (Her Majesty’s Revenue and Customs).
Eligibility Criteria
Before enrolling in the pension scheme, individuals must meet certain eligibility criteria. These criteria may vary depending on the specific scheme, but generally, individuals must:
- Be of a certain age (usually between 22 and state pension age)
- Earn a minimum amount of income (known as the earnings threshold)
- Not already be a member of another pension scheme
Meeting these criteria is essential to start the enrollment process.
Enrollment Process
Once eligible, individuals can proceed with the enrollment process. The steps involved are as follows:
- Obtain the necessary pension scheme enrollment forms either from the employer or directly from the scheme provider.
- Complete the required sections of the enrollment form, providing accurate and up-to-date personal information, including contact details and national insurance number.
- Review and sign the declaration at the end of the form, agreeing to the terms and conditions of the pension scheme.
- Submit the completed form to the employer or scheme provider, ensuring that all required documents and information are included.
- Upon receipt of the enrollment form, the employer or scheme provider will process the application and send a confirmation of enrollment to the individual.
It is crucial to ensure that the enrollment form is completed accurately and submitted within the specified timeframe to avoid any enrollment delays or complications.
Once enrolled, individuals will start contributing to the pension scheme in accordance with the scheme’s rules and regulations. Regular contributions will help individuals build a retirement fund and enjoy the benefits of the pension scheme in the future.
Steps to Manage Pension Contributions
Managing your pension contributions involves understanding the rules and regulations set by HMRC. By following these steps, you can ensure that you are maximizing the benefits of your pension scheme:
- Review your current pension scheme: Take the time to understand the specific details of your pension scheme, including the contribution rates and any available employer contributions. This will help you determine how much you should be contributing.
- Assess your financial situation: Consider your current financial situation and budget to determine how much you can comfortably afford to contribute to your pension. It’s important to strike a balance between saving for retirement and meeting your immediate financial needs.
- Set a contribution goal: Once you have assessed your financial situation, set a goal for how much you would like to contribute to your pension each month or year. This will help you stay on track and ensure you are consistently saving for retirement.
- Explore tax benefits: Familiarize yourself with the tax benefits associated with pension contributions. Contributions to registered pension schemes are usually tax-free up to certain limits, which can provide you with significant tax savings.
- Consult with a financial advisor: If you are unsure about how to manage your pension contributions, it may be beneficial to seek advice from a financial advisor. They can help you understand the intricacies of pension schemes and provide personalized guidance based on your individual circumstances.
- Monitor and adjust your contributions: Regularly review your pension contributions to ensure they remain in line with your financial goals. As your circumstances change, you may need to adjust the amount you contribute to ensure you are on track for a comfortable retirement.
- Stay informed about HMRC updates: Keep yourself informed about any changes or updates to the rules and regulations set by HMRC. This will help you stay compliant and make any necessary adjustments to your pension contributions.
By following these steps and staying proactive in managing your pension contributions, you can ensure that you are making the most of your pension scheme and setting yourself up for a secure retirement.
Pension Scheme HMRC: Frequently Asked Questions
Here are some frequently asked questions about the pension scheme HMRC:
1. What is a pension scheme?
A pension scheme is a savings plan that helps individuals save for retirement. It provides a source of income after retirement, usually in the form of regular payments.
2. What is HMRC’s role in pension schemes?
HMRC (Her Majesty’s Revenue and Customs) is the government department responsible for administering and regulating pension schemes in the UK. They ensure that pension schemes meet the necessary legal requirements and provide tax relief on contributions.
3. What are the benefits of a pension scheme?
There are several benefits of a pension scheme, including:
- Income in retirement: A pension scheme provides a regular income after you retire, helping you maintain your standard of living.
- Tax advantages: Contributions to a pension scheme are typically tax-free, and the growth of the investment is also tax-free. However, there may be tax on withdrawals in retirement.
- Employer contributions: Many pension schemes offer employer contributions, which can boost your retirement savings.
4. How do I join a pension scheme?
If you are an employee, your employer may automatically enroll you in a workplace pension scheme. You can also join a pension scheme independently, such as a personal pension scheme or a self-invested personal pension (SIPP).
5. How much can I contribute to a pension scheme?
The amount you can contribute to a pension scheme depends on various factors, such as your age, income, and the type of pension scheme. There are annual and lifetime limits on pension contributions, and exceeding these limits may result in tax charges.
6. Can I access my pension before retirement?
In most cases, you cannot access your pension before the age of 55. However, there are certain circumstances in which you may be able to access your pension earlier, such as if you are seriously ill or facing financial hardship.
These are just a few of the frequently asked questions about the pension scheme HMRC. It is important to seek professional advice tailored to your specific circumstances when it comes to pension planning and taxation.
What is Pension Scheme HMRC?
The Pension Scheme HMRC, also known as Her Majesty’s Revenue and Customs, is a governmental organization in the United Kingdom responsible for regulating and overseeing pension schemes. The HMRC ensures that pension schemes meet legal requirements and provides guidance and support to employers and individuals on pension matters.
When it comes to pensions, the HMRC plays a crucial role in ensuring tax compliance. They determine the tax relief applicable to pension contributions and monitor the limits and allowances set by the government. This includes the annual allowance, lifetime allowance, and tax treatment of pension benefits.
Under HMRC rules, a pension scheme must be registered with them to be eligible for tax relief. Employers and individuals who contribute to a pension scheme can benefit from tax relief on their contributions, which can help to increase overall retirement savings. Additionally, registered pension schemes have to meet certain criteria set by HMRC to provide assurance in terms of governance and funds security.
The HMRC also provides guidance on eligibility requirements for joining a pension scheme, pension tax calculations, and how to claim tax relief. They have online resources and tools available to help individuals and employers understand their pension options and obligations.
| Benefits of Pension Scheme HMRC |
|---|
| The HMRC plays a crucial role in ensuring tax compliance in pension schemes. |
| Pension schemes registered with HMRC are eligible for tax relief on contributions. |
| HMRC provides guidance and support to employers and individuals on pension matters. |
| It establishes limits and allowances for pension contributions and benefits. |
| They offer online resources and tools to help individuals understand their pension options. |
How does Pension Scheme Tax Relief work?
When it comes to saving for retirement, the UK government provides incentives in the form of tax relief on pension contributions. This means that when you contribute to a pension scheme, you receive tax benefits that can help boost your retirement savings.
The tax relief on pension contributions is administered by HM Revenue and Customs (HMRC). It works by providing tax relief at the highest rate of income tax that you pay.
Here’s how it works:
1. Eligibility: To be eligible for pension scheme tax relief, you must be a UK taxpayer and under the age of 75.
2. Personal contributions: When you contribute to a pension scheme, the amount you contribute is grossed up by the basic rate of income tax. For example, if you contribute £100, HMRC will add £25 to your pension pot, making it a total contribution of £125.
3. Higher rate taxpayers: If you are a higher rate taxpayer, you can claim additional tax relief through your self-assessment tax return. You can claim the difference between the basic rate and the higher rate of income tax that you pay.
4. Additional rate taxpayers: If you are an additional rate taxpayer, you can also claim additional tax relief through your self-assessment tax return. You can claim the difference between the basic rate and the additional rate of income tax that you pay.
Please note that any tax relief claimed cannot exceed your annual earnings.
Overall, pension scheme tax relief is a valuable incentive provided by HMRC to encourage individuals to save for retirement. It rewards individuals for saving towards their golden years and helps to ensure a more financially secure future.
Can I transfer my Pension Scheme to another provider?
Yes, it is possible to transfer your pension scheme to another provider. Transferring your pension scheme to a different provider can have several benefits. Firstly, it can give you more control over your pension investments, allowing you to choose investment options that align with your goals and risk tolerance. Secondly, transferring to another provider may provide access to additional investment options and features that your current scheme does not offer. Lastly, transferring your pension scheme can also help you consolidate your pension assets, making it easier to manage and keep track of your retirement savings.
Things to consider before transferring your pension scheme:
Before deciding to transfer your pension scheme, it is important to consider a few factors:
- Fees and charges: Make sure to compare the fees and charges of the new provider with your current scheme. Transferring to a new provider may involve fees and charges that could impact your overall savings.
- Investment options: Check the investment options available with the new provider and ensure they meet your investment goals.
- Exit penalties: Find out if your current scheme imposes any exit penalties or charges for transferring.
- Guaranteed benefits: If your current scheme includes any guaranteed benefits, transferring may mean giving up those benefits.
- Financial advice: Consider seeking financial advice from a qualified professional before making any decisions, as they can help evaluate if transferring your pension scheme is the right choice for you.
How to transfer your pension scheme:
To transfer your pension scheme to another provider, you will need to follow the steps outlined by both your current scheme and the new provider. Typically, this involves completing a transfer form provided by your new chosen provider and providing the necessary details about your current scheme. The new provider will then work with your current scheme administrator to transfer the funds.
It is essential to ensure that you fully understand the rules and implications of transferring your pension scheme before proceeding. Taking the time to research and seek professional advice, if necessary, can help you make an informed decision that aligns with your retirement goals.
Q&A:
What is the HMRC pension scheme?
The HMRC pension scheme is a government-sponsored program that provides a tax-efficient way for individuals to save for their retirement. It offers various benefits, including tax relief on contributions and tax-free growth within the pension fund.
Who is eligible to join the HMRC pension scheme?
Most UK residents are eligible to join the HMRC pension scheme, including employed individuals, self-employed individuals, and those who are not currently working but are still earning income. There may be some age restrictions and contribution limits, so it’s important to check the specific rules.
How much can I contribute to the HMRC pension scheme?
The amount you can contribute to the HMRC pension scheme depends on your individual circumstances and the current annual allowance set by the government. The annual allowance is currently £40,000, but it may be lower for high earners or those who have already started taking retirement benefits.
What are the tax benefits of the HMRC pension scheme?
The HMRC pension scheme offers several tax benefits. Contributions are eligible for tax relief, meaning you receive tax relief on the amount you contribute. The pension fund also grows tax-free, and you can usually take a portion of your pension as a tax-free lump sum when you retire.
Can I transfer other pensions into the HMRC scheme?
Yes, you can usually transfer other pension funds into the HMRC pension scheme. However, it’s important to consider the benefits and drawbacks of transferring, as some pensions may offer better investment options or have more favorable terms. It’s recommended to seek professional advice before making a decision.
What is HMRC and what is its role in pension schemes?
HMRC stands for Her Majesty’s Revenue and Customs. Its role in pension schemes is to provide guidance and regulations regarding the tax aspects of pensions, such as tax relief on contributions and the taxation of pension benefits.