Saving in Multiple Pension Schemes

Since April 2006, new tax rules allow you to take out as many pensions as you wish, so for example, you could contribute into an occupational pension, a stakeholder pension and a personal pension all at the same time. Whilst this option offers flexibility and choice, it's worth bearing in mind that each scheme will have its own administration charges, and so it's always a good idea to consult an independent adviser before taking out more than one scheme.

Although you can save as much as you want in any number of pension schemes, there is a limit to the amount of tax relief you will receive; read on for more information.