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Tax year end

Understand your options at the end of the 2024/25 tax year

Everything you need to know in one place

We have put together everything you need to know about tax year end to help you understand your options and to answer our most common questions around this time of year.

We strongly recommend you speak to a financial adviser before making any decisions on your pension.

Requests and Forms

These are the most common types of requests we get around tax year-end so we've provided you with links to the relevant forms and useful information here. They specifically relate to the LV= SIPP, Discretionary Pension Plans and NMPTL Standard SIPP plans.

Make a single contribution

Please note in order for us to process within this tax year we require all outstanding documents and funds in our account by 12pm Friday, 4 April.

Cheque payments are not the preferred option of payment, however if you cannot pay via bank transfer we must receive the cheque by Thursday, 27 March.

You can top up your pension at any time until you are 75.

You could receive tax relief on a single contribution to your plan as long as it does not exceed the greater of £3,600 a year or 100% of your relevant UK earnings. Please note, that a separate tax charge will be incurred if you make contributions above the annual allowance (unless you have accessed a money purchase pension, the annual allowance is now normally £60,000.00 a year). 

If you'd like an interactive document via DocuSign, please email us at [email protected] or call us on:

If for any reason you need to speak with a member of the team please call us on 0800 032 2990.

For TextDirect first dial 18001.

Lines open: 9am - 5pm Monday to Friday.

Calls are recorded and may be monitored for training purposes.

Single contribution application

    Increase or make regular contributions

    Please note in order for us to process within this tax year we require all outstanding documents and funds in our account by 12pm Friday, 4 April.

    Cheque payments are not the preferred option of payment, however if you cannot pay via bank transfer we must receive the cheque by Thursday, 27 March.

    You can make regular contributions into your plan until you are 75.

    You could receive tax relief on a single contribution to your plan as long as it does not exceed the greater of £3,600 a year or 100% of your relevant UK earnings. Please note, that a separate tax charge will be incurred if you make contributions above the annual allowance (unless you have accessed a money purchase pension, the annual allowance Is now normally £60,000.00 a year). 

    If you’d like an interactive document via DocuSign, please email us at [email protected] or call us on:

    If for any reason you need to speak with a member of the team, please call us on 0800 032 2990.

    For TextDirect first dial 18001.

    Lines open: 9am - 5pm Monday to Friday.

    Calls are recorded and may be monitored for training purposes.

    Regular contributions application

      Tax-free cash

      If you’d like this payment before the end of the tax year, we’ll need all outstanding information by the following dates depending on your encashment instruction:

      • External sales - 12.30pm Friday, 7 March
      • Insured sales - 12.30pm Friday, 14 March

      Lifetime allowance was abolished on the 5th of April 2024 and replaced with Lifetime allowance (standardised at £268,275.00 tax free cash allowance). If you believe you have not received £268,275.00 and have used 100% of your LTA you may be entitled to a Transitional tax free cash certificate (TTFAC). Read our TTFAC to see if this applies to you.

      • Log in or register for My LV= 

      If you’d like an interactive document via DocuSign, please email us at [email protected].

      If for any reason you need to speak with a member of the team, please call us on 0800 032 2990.

      For TextDirect first dial 18001.

      Lines open: 9am - 5pm Monday to Friday.

      Calls are recorded and may be monitored for training purposes.

      Tax-free cash paper application form - please email a copy of the signed form to [email protected].

        Taxable lump sum

        If you’d like this payment before the end of the tax year we’ll need all outstanding information by the following dates depending on your encashment instruction:

        • External sales - 12.30pm Friday, 7 March
        • Insured sales - 12.30pm Friday, 14 March

        Depending on your tax code, you may be entitled to take some of your taxable income tax free. Take a look at our FAQ on tax codes below for more information. 

        If you’d like to withdraw some taxable income, you can do this several ways:

        If you’d like an interactive document via DocuSign, please email us at [email protected] or call us on:

        0800 032 2990

        For TextDirect first dial 18001.

        Lines open: 9am - 5pm Monday to Friday.

        Calls are recorded and may be monitored for training purposes.

          Apply for a withdrawal

          The easiest way to apply for a withdrawal is via the customer portal. 

          The deadline for 2024/25 ISA increase applications is approaching

          The deadline for receiving ISA top up applications with a bank transfer for the 2024/25 tax year is midday on 4 April 2025 and the deadline for receiving ISA top up applications with a cheque payment for the 2024/25 tax year is midday on 27 March 2025.

          Please note that we must receive your application form, payment and all outstanding information by the deadline. Any applications received after the deadline will be applied to the new tax year (2025/26). 

          Heritage ISA Products

          • LV Stocks & Shares With-Profits Life ISA 
          • RNPFN OneISA

          The deadline for 2024/25 Heritage pension claims is approaching

          • The last day of the 2024/25 tax year is coming on 5 April 2025.
          • Any claim requests for Heritage pensions will now have a retirement date set for the 2024/2025 tax year.
          • We will process Lump Sum retirement payments received before 7 February 2025 until 28 March 2025. Any new early retirement claim requests for a lump sum or annuity received after 7 February 2025 will have a retirement date set after 6 April 2025 (2025/26 tax year).
          • Lump sum payments for the new tax year of 2025/26 will begin from 6 April 2025.
          • We will continue to process annuity payments for the 2024/25 tax year, up to the 4 April 2025.

          Heritage Pension Products

          RNPFN
          LV=
          Teachers

          Here are some of the most common questions we're asked

          When will I get my money?
          What are your cut off dates?
          Can I carry some of my annual allowance forward to next year?
          What's the maximum I can pay into my pension each year?
          What will my tax code be for payments?
          How do I reclaim overpaid tax?
          When will I receive my P60?
          My income is due on 6th April, will I still receive it early as usual?

          Next steps

          Getting the most from your money

          Two people chatting
          To help you get the most from your money, you can speak to a financial adviser. If you don't have a financial adviser you can find one near to you on unbiased.co.uk, or you can have a chat with one of
          our investment advice specialists.
          Please note that the information given on these pages should not be seen as advice to take out this product.