Pensions
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mynestegg Pension explained in 75 seconds
To use the mynestegg service you must be aged between 18 and 75, be a UK Resident for tax purposes and have access to your email address and NI number.
What is a pension?
A pension is a financial retirement plan designed to provide you with a source of income once you stop working.
Accessibility
You can access your pension from the age of 55, or 57 from 2028
Tax relief
You can get tax relief on contributions that you make up to £60,000 each tax year
Tax
There is no tax to pay on any investment growth within a pension
Inheritance
Pensions are not subject to inheritance tax
Why choose mynestegg?
mynestegg are disrupting the financial services industry by educating the UK public on how they can plan for their retirement.
- Free pension and ISA calculators
- Globally recognised investment managers
- Low fees so you can keep more of your returns
- No entry or exit fees
- 24/7 monitoring of your account on an ongoing basis at your fingertips
More information on our pension
You will receive copies of these documents when you complete the sign up process.
Your money managed by experts
- Invest with the worlds largest investment managers, Blackrock and Fidelity
- Billions of pounds are invested within the funds chosen
- Demonstrable past performance record
- Low fees to ensure you keep the majority of your returns
Manage your account with the mynestegg mobile app
- Track your investment performance
- Make additional contributions any time
- Have all your investments in one place
- Withdraw at the press of a button for ISAs
We're here to help!
- Our expert team are available to answer any questions
- Contact our team anytime between 9am - 5pm
- You can use our live chat for instant responses
- You can also get in touch via email at help@mynestegg.com
Pension FAQs
What is a pension?
A pension is usually a regular payment received during retirement and is typically based on contributions made during your working years. The purpose of a pension is to help cover living expenses after retirees stop working.
Can I have a pension?
Are there different types of pension?
There are various types of pension schemes in the UK. The two most common schemes are:
1) Defined Benefit pensions
2) Defined Contribution pensions
At mynestegg we offer a Self-Invested Personal Pension which is a type of defined contribution pension, This means that your pension pot at retirement is dependent on how much you contribute and the growth of the investments within your pension.
How does pension tax relief work?
If you are a basic rate taxpayer (i.e. pay income tax of 20% on your income), you can receive 20% tax relief on any pension contributions you make subject to your annual allowance. The way this works in practice is that if you contribute £80 into a pension, the government will top this up with an additional £20 meaning your total contribution becomes £100. If you are a higher or additional rate taxpayer you can benefit from 40% and 45% tax relief respectively but you have to reclaim the extra tax relief through your self assessed tax return as you will only receive basic rate tax relief on your mynestegg pension contributions.
What is my pension allowance?
There are various different allowances associated with pensions. The most common ones are:
- Annual allowance: this is the amount you can put into pensions each tax year and is currently the higher of £60,000 or your annual UK relevant earnings, subject to a minimum of £3,600.All of these figures are inclusive of any tax relief you may be eligible for.
- Lifetime allowance: this is no longer applicable but historically has restricted individuals to a maximum amount they can have in pensions.
- Money purchase annual allowance: if you have flexibly accessed your pensions, you are restricted to a £10,000 annual pension allowance for new contributions.
- If you have any further questions on pension allowances please speak with one of our team to discuss this in more detail.