What happens if the basic rate of income tax changes?
If the basic rate of income tax increases, your net payment will fall. However, the amount that is paid into your individual Account will stay the same. This is because the fall in your net payment is made up by the increase in tax relief. Conversely, if the basic rate of income tax decreases, your net payment will increase while the overall payment into your individual Account will stay the same. Changing your contributions You can change the amount of your contributions at any time. In addition you can make a single one-off contribution if you wish (subject to the maximum payment – details above). If you stop contributing then your employers contributions will also stop. If you reduce your contributions then your employers contributions may reduce also. Your employer will not match any single one-off contribution you make. For more information about changing your contributions call the Helpline on 0845 6010720. Transferring previous benefits to your individual Account If you already
