Stephen Edgar
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Understanding tax implications of making additional contributions to personal pension scheme
I would appreciate any insight on the following query. If I make a payment from my savings into a personal pension, the pension provider claims 20% tax from HMRC and pays this into my pension pot. If, for example, I transferred £30,000 to a pension, the pension provider would then claim £6,000 from HMRC and pay this into my pension pot. Are there any subsequent 'restrictions' or time limits before which withdrawals can be made from the increased pension pot?