You’ll receive tax benefits from the government on the payments you make into your personal pension plan. The amount of tax benefits you receive depends on your income tax rate. So, if you’re a basic rate taxpayer and pay £80 into your pension, the government will automatically add £20 on top of that. That means a £100 payment into your pension would only cost you £80. The government usually pay tax benefits 10-12 weeks later, however, as Standard Life pre-fund these tax benefits, you would see this in your pension pot immediately. If you’re a higher or additional rate taxpayer, you can claim back even more tax benefits, but you’d need to contact the relevant government department directly to arrange this. Remember that tax treatment depends on your individual circumstances, including where you live in the UK. Tax rules may change in the future.