Since 2013, contributions to capital pension schemes have not been tax deductible.
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With a capital pension scheme, you can go on a world tour or buy an allotment, as you can have your entire amount of savings paid out as a lump sum. You can also choose to have it paid out in smaller portions.
It is no longer possible to set up or contribute to a capital pension scheme. If you already have a capital pension scheme, the following applies:
The savings can be paid out from the date you reach your pension payout age – and 15 years ahead. If you want to, you can change the payout method to regular benefits at any time. The return on your capital pension scheme is currently taxed at just 15.3% per year.
If your capital pension scheme was set up after 1987, it automatically includes savings balance protection. Savings balance protection guarantees that your beneficiaries as a minimum receive the value of your savings if you die before retirement.
On payout, your capital pension savings are subject to 40% tax.
The expenses on a capital pension scheme depend on