Tax is difficult enough to understand at the best of times, so putting the words 'pensions' and 'tax' into the same sentence is likely to drive you nuts.
This is where Sid the squirrel can help.
Choose one of the links below to watch Sid shell out the basics on pensions tax:
You can learn more about the Annual and Lifetime Allowances in the Read as you Need guides.
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Each of Railpen Limited (registered in England and Wales No. 2315380) and Railway Pension Investments Limited (RPIL) (Registered in England and Wales No. 1491097) is a wholly owned subsidiary of Railways Pension Trustee Company Limited (Registered in England and Wales No. 2934539). Registered office for each company: 100 Liverpool Street, London EC2M 2AT. RPIL is authorised and regulated by the Financial Conduct Authority for some of its activities. The administration of occupational pension schemes is not a regulated activity. Full details about the extent of RPIL's authorisation and regulation by the Financial Conduct Authority are available from us on request.