Many customers like to make use of their pension annual allowance as we approach the end of the tax year.
Pensions work differently to ISAs in the sense that you can sometimes carry forward some of your annual pension allowance to another tax year.
If you are concerned about your payment making it in time for the end of the tax year, or you are trying to make a payment after these dates please contact our support team as we may be able to help. See our extended support hours
All payments into the Nutmeg Personal Pension are by Direct Debit. You will need to complete the set-up of your pension pot and Direct Debits before you can submit a payment.
When you set up your pension, we automatically connect it to the bank account details you entered for withdrawals. That way, a Direct Debit can be automatically created should you wish to pay a lump sum or set up a regular payment into your Nutmeg Pension.
Wednesday 21st March — If it is the first payment to your pension
The first payment takes 10 business days to process. If you have not paid into your pension before, your deadline for payments to ensure they reach us before tax year end is Wednesday 21st March.
Things to consider:
- We may need to ask you for documents to verify your identity or support your Direct Debit set-up, in those scenarios it may take a little longer to get your pension set up and the first payment collected in time for the end of the tax year.
Wednesday 28th March — If you have made payments from the same bank account previously
If you have previously made Direct Debit payments to your pension you will need to make sure that you submit a one-off contribution payment by the close of business on Wednesday 28th March.
Pension rules apply and tax rules may change in future. If you need help with pensions, seek independent financial advice. As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest