Make a payment to my Personal Pension Plan or Retirement Annuity

If you are former Equitable Life policyholder, are under the age of 75, and are a *'relevant UK individual', you can start paying into your pension at any time.

There are two ways to do this:

1. Set up a direct debit
2. Make a direct credit payment

IMPORTANT - READ THIS MESSAGE BEFORE SENDING YOUR PAYMENT:

If you are making a payment and you would like this to be invested in specific funds, please let us know before you make the payment, or it will be allocated in line with your existing instructions.

If you have switched funds in the past, unless you also requested a change to the allocation of future payments, your contribution instructions would not have been changed. Without checking this, there is a risk that your payment won't be allocated to the funds you expect.

If you are unsure how future payments will be allocated to your plan, please contact us and we will let you know.

We know this is a lot to think about, so to help you make sure you have provided us with the right details to allocate your payments to the right unit-linked funds, you can download and complete our payment in form here

Direct debit

Personal payments

It is possible to download a direct debit mandate from our website here. You will need to print this off and send it back to us together with the Payment In Form. Please ensure, when completing the forms, that you confirm the start date, the amount you wish to contribute and how often you would like us to collect payments.

Click here for the Payment In Form

Employer payments

If setting up a direct debit to make employer contributions to your Personal Pension, we will not set up the direct debit until all of our Evidence of Identity requirements are met. To enable us to set up payments as an employer, we will need the forms below to completed:

Company Details Form

Controlling Individual Information Form

Payment In Form

Direct Debit Mandate

Employers Payment Record

Direct credit

If you would like to make an adhoc payment when it is convenient for you, you can send a direct credit payment to us using the following bank details:

• Sort code: 20-03-62
• Account No: 83777340
• Account name: JAB Life & Pensions Ltd

Please note, that for a payment to be allocated the same working day as it is made, our bank needs to have received it by 5pm GMT. Other banks may have different rules but the date used for a payment to us will be determined by the time our bank receives the money. Any payments received after 5pm GMT will have an allocation date of the following working day.

Please ensure you quote your policy number in the reference so we can match this up to your policy.

Tax Relief

The maximum amount of contributions on which you can have relief in any tax year is the greater of:

• £3,600 gross (£2,880 net), and
• the amount of your relevant UK earnings chargeable to income tax

If you have a Personal Pension Plan we will apply tax relief at basic rate to the contribution at the point it is allocated to your policy.

If you have a Retirement Annuity you will need to make a personal claim for tax relief from HMRC.

Annual Allowance

There is no limit on the amount of pension savings you can make each year but the annual allowance places a limit on the tax relief available for those pension savings.

If you exceed the annual allowance in a tax year, we will provide you with a statement confirming what you have paid in for the last four years. You should then include this information when you complete HMRC's self assessment tax return.

If you have flexibly accessed your pension with us or another provider, you will be subject to the Money Purchase Annual Allowance, which is currently £10,000.

We recommend you speak to an Independent Financial Adviser before making any contributions which may result in additional tax charges for you.

*You are a relevant UK individual for a tax year if you:

• have relevant UK earnings subject to income tax from that year
• are resident in the UK at some time during that year, or
• have been resident in the UK both at some time during the five tax years immediately before that year and when you became a member of the pension scheme, or you or your spouse, has for the tax year, general earnings from overseas Crown employment subject to UK tax