Pension Tax Relief Calculator

Pension tax relief is one of the most valuable benefits you’ll ever get from the government. When you save into a pension, you get tax relief on pension contributions from HMRC at your highest marginal rate depending on which income tax bracket you fall into.

This effectively means you have to pay less in ‘net’ to get your total ‘gross’ contribution.

So, if you’re a basic rate taxpayer you get tax relief at 20% (for the whole UK except Scotland, where tax bands are different). As such, to get a £100 contribution into your pension, you only need to pay in £80 net because the government tops up your contribution with tax relief.

Calculating Pension Tax Relief

There are three income tax brackets, meaning you currently receive pension tax relief on contributions at:

  • 20% if you’re a basic rate taxpayer (earning between £12,501 and £50,000 in 2023/24)
  • 40% if you’re a higher rate taxpayer (earning between £50,001 and £125,140 in 2023/24)
  • 45% if you’re an additional rate taxpayer (earning more than £125,140 in 2023/24).

Use our 2024/25 Pension Tax Relief Calculator below to work out how much tax relief you could get on your pension contributions. It works out not just how much pension relief you’ll receive at source a basic rate taxpayer but also calculates how much extra relief you can claim as a higher and additional rate taxpayer.

Pension Tax Relief Calculator

Tax relief on your pension is one of the most valuable tax breaks available. Follow the simple steps below to calculate how much you could get back in tax relief when you pay into your pension.

  • £
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Remember: Even after you apply for higher and additional rate pension tax relief from HMRC that extra cash doesn’t get paid straight into your pension as with basic rate tax relief.

Instead, most people get an adjustment to their tax code for the year, reducing their annual tax bill by an amount equivalent to the extra pension tax relief HMRC owes you. It’s up to you to pay that extra cash from a lower tax bill into your pension.

Pension Tax Relief for Non-Taxpayers

Even if you don’t pay tax because you’re earning less than £12,500 a year in the 2023/24 tax year, you can still get pension tax relief.

If you’re earning £3,600 or less, the maximum you can put in is £2,880, which the government will gross up with tax relief to the £3,600 figure.

Need Advice on Pension Tax Relief?

While it’s useful to see how your pension contributions are boosted by tax relief, it’s important you take a wider view of your retirement plans than simply looking at the how much pension tax relief you’re owed.

This includes making sure you’re actually paying enough into your pension in the first place. Many people underestimate how much they need to pay into their pension and so don’t properly plan for their retirement. Other issues to consider are when you want to retire and how much money you’ll need in your pot to do so.

Your Financial Plan: Build A Better Future

A good financial plan can help you make the right decisions when it comes to your finances. Make the right decisions today to build a more prosperous future.

Good financial planning with clear goals can increase your retirement income by as much as 53%. Old Mutual Redefining Retirement Survey

Why Speak to Us…

We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as planning our finances. Below are just a few reasons why it makes sense to let us help.

  • See your financial future
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    Can afford that dream round-the-world trip? Can you help your children onto the property ladder? We’ll model your goals and build your financial plan to help you achieve them.
  • Our expertise saves you time and provides peace of mind
    Organising your pensions, investing your assets, managing risk and making the most of your tax allowances is all taken care of as part of your financial plan.
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    This allows us to negotiate better rates for you than dealing with providers yourself.
  • You’ll speak to a dedicated expert from start to finish
    You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
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    We pride ourselves on providing a 5-star service, as can be seen from our 2386 and growing independent client reviews rating us at 4.92 / 5.
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Contact Us

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85 Queen Victoria Street
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125-135 Preston Road
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Drewberry Ltd is registered in England and Wales. Companies House No. 06675912

Drewberry Ltd registered office: Telecom House, Preston Road, Brighton, England, BN1 6AF. Telephone 0208 432 7333

Drewberry Ltd (Financial Conduct Authority No. 505473) is an Appointed Representative of Quilter Wealth Limited and Quilter Mortgage Planning

Limited, which are authorised and regulated by the Financial Conduct Authority.


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