Pension tax relief calculator

Estimate how much pension tax relief you could get, and whether you could claim more from HMRC.
Annual income
£
Monthly contribution
£
I am a Scottish taxpayer
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ValueAdditional tax relief
ValueAutomatic relief (20%)
ValueYour contribution
open a SIPP
Transfer a pension

How this tax relief calculator works

Calculator for illustrative purposes only. Freetrade does not give investment advice and you are responsible for making your own investment decisions. The calculator does not confirm your eligibility for pension tax relief, whether you have exceeded any pension limits, or what you can claim from HMRC.

Results are estimates based on the income and pension contribution amounts you enter, using 2026/27 tax bands and rates. The calculator assumes relief at source, where 20% basic-rate tax relief is added to contributions. Any additional tax relief shown is an estimate based on the portion of your income taxed above the basic rate. It may not cover all scenarios or account for every factor that can affect tax relief.

For estimates, we use the following rates: England, Wales, and Northern Ireland: 0% up to £12,570, 20% from £12,571 to £50,270, 40% from £50,271 to £125,140, and 45% over £125,140. Between £100,000 and £125,140 the personal allowance is withdrawn, so the effective rate of relief on contributions in that range is 60% (67.5% in Scotland). Scotland: 0% up to £12,570, then 19%, 20%, 21%, 42%, 45%, and 48% bands. If you pay Scottish income tax, the calculator uses the Scottish rate for your band, with a minimum of 20% basic rate relief at source.

Tax rules can change and results depend on your circumstances. If you pay income tax in Scotland, select Yes for “I am a Scottish taxpayer”, as different bands and rates apply. Contributions above your earnings or available pension allowances may not receive tax relief and could lead to a tax charge.

What is pension tax relief and how does it work?

When you contribute to your pension, we automatically claim 20% basic-rate tax relief for you and pay it into your Freetrade SIPP. This usually arrives within 6 to 11 weeks.

For example, if you put in £80, the government tops it up by £20, making £100 in your pension.

Pension and tax rules can change, benefits depend on your circumstances, contribution limits apply, and pension access is normally from age 55 (rising to 57 from 2028).

If you pay income tax above the basic rate, you may be able to claim extra tax relief from HMRC. This is on top of the 20% basic-rate tax relief already added to your pension. Total relief is usually 40% or 45% depending on your rate, or up to 48% in Scotland. If you earn between £100,000 and £125,140, pension contributions also restore some of your personal allowance, so your total relief can be higher.

Read more about tax relief on GOV.UK

Financial breakdown of a SIPP showing £80 you pay, £20 government pays, totalling £100 in your pension.

How tax relief boosts your pension pot

Tax relief boosts every contribution

Basic-rate relief turns every eligible £80 you pay in into £100 in your pension.

Higher earners can claim more back

Pay income tax above the basic rate? You could claim extra relief on top of the basic 20%.

Your tax relief compounds over time

You can invest the tax relief alongside your contributions, so it can benefit from long-term growth.

Tax relief lowers the cost of investing for retirement

Every £100 in your pension costs you £80 or less, so more goes towards retirement for less of your take-home pay.
Get started

How to claim additional pension tax relief

Claim through Self Assessment

If you already file a Self Assessment tax return, enter your gross pension contributions in the Tax reliefs section. Your gross contribution includes the 20% basic-rate tax relief already added to your pension.

Claim using HMRC’s online service

Sign in to HMRC’s online pension tax relief service to submit your claim. You’ll need your National Insurance number, pension provider details, net contribution amounts, and proof of your contributions, such as a statement from your provider.

Claim by post

If you can’t claim online, write to HMRC with details of your pension contributions and proof of each payment. You can ask for a tax code adjustment so you get the extra relief through PAYE.

SIPP fees and charges comparison

See how we stack up against the competition. Compare our plans with other providers across different portfolio sizes.
£10,000
£50,000
£100,000
£250,000
Scenario: You have £10,000 invested in a self-invested personal pension (SIPP) and make two trades per month. One trade is a UK stock worth £250, and the other a US stock worth £250.
Portfolio value
Subscription fee
Cost of UK trade
Commission‎
Cost of US trade
Commission‎
Cost of US trade
FX
Total annual cost
£10,000
£0
£0
dealing commission
£0
dealing commission
£29.70
£29.70
£10,000
£45.93
£83.40
dealing commission
£83.40
dealing commission
£29.70
£242.43
£10,000
£71.88
£47.88
dealing commission
£47.88
dealing commission
£22.50
£190.14
£10,000
£32.90
£60.00
dealing commission
£60.00
dealing commission
£22.50
£175.40

Comparison disclosure

Costs are based on those published costs on the other providers’ websites as of 24 March 2026. They are shown for illustrative purposes only. For confirmation of their up-to-date charges and product information, you should visit their websites.

Calculations exclude interest on customer cash and do not include investment growth or tax relief. Annual percentage based charges and monthly fixed account fees are applied after UK and US trading fees and FX fees.

Freetrade: There are no commission charges per trade and no subscription fee on the Basic plan, which gives you access to a Stocks and Shares ISA, Self-Invested Personal Pension (SIPP), and General Investment Account (GIA). FX fees are 0.99% on Basic, reduced to 0.59% on Standard and 0.39% on Plus.

Hargreaves Lansdown: Subscription fee is based on the annual 0.35% charge on the value of shares held in a SIPP. This is capped at £12.50/mo. Fee per trade reduces, depending on the number of trades executed in the previous month, from £6.95 for up to 19 trades to £3.95 for 20 or more trades. The FX rate is tiered by transaction value: 0.99% for the first £10,000, 0.50% for £10,001–£24,999.99, and 0.20% for £25,000 or more.

‍Interactive Investor: Subscription fee is based on the Core plan at £5.99/mo, which allows for a maximum portfolio size of £100,000. For portfolios above this, customers are switched to the Plus plan, which costs £14.99/mo. The FX rate varies by plan: 0.75% on Core, 0.75% on the first £50,000 and 0.25% for over £50,000 on the Plus plan, 0.25% on the Premium plan.

AJ Bell: Subscription fee is based on the annual 0.25% charge on the value of shares held in a SIPP. This is capped at £10.00/mo. Fee per trade reduces, depending on the number of trades executed in the previous month, from £5.00 for up to 9 trades to £3.50 for 10 or more trades. The FX rate is tiered by transaction value: 0.75% for up to £10,000, 0.50% for £10,001–£20,000, and 0.25% for above £20,000.

Scenario: You have £50,000 invested in a self-invested personal pension (SIPP) and make four trades per month. Two UK stock trades worth £250 each, and two US stock trades worth £250 each.
Portfolio value
Subscription fee
Cost of UK trade
Commission‎
Cost of US trade
Commission‎
Cost of US trade
FX
Total annual cost
£50,000
£0
£0
dealing commission
£0
dealing commission
£59.40
£59.40
£50,000
£150.00
£166.80
dealing commission
£166.80
dealing commission
£59.40
£543.00
£50,000
£71.88
£95.76
dealing commission
£95.76
dealing commission
£45.00
£308.40
£50,000
£120.00
£120.00
dealing commission
£120.00
dealing commission
£45.00
£405.00

Comparison disclosure

Costs are based on those published costs on the other providers’ websites as of 24 March 2026. They are shown for illustrative purposes only. For confirmation of their up-to-date charges and product information, you should visit their websites.

Calculations exclude interest on customer cash and do not include investment growth or tax relief. Annual percentage based charges and monthly fixed account fees are applied after UK and US trading fees and FX fees.

Freetrade: There are no commission charges per trade and no subscription fee on the Basic plan, which gives you access to a Stocks and Shares ISA, Self-Invested Personal Pension (SIPP), and General Investment Account (GIA). FX fees are 0.99% on Basic, reduced to 0.59% on Standard and 0.39% on Plus.

Hargreaves Lansdown: There is a 0.35% charge on the value of shares held in the share dealing account, ISA and SIPP, capped at £12.50/mo for the all three accounts. Fee per trade reduces, depending on the number of trades executed in the previous month, from £6.95 for up to 19 trades to £3.95 for 20 or more trades. The FX rate is tiered by transaction value: 0.99% for the first £10,000, 0.50% for £10,001–£24,999.99, and 0.20% for £25,000 or more. The illustration assumes £6.95 trade per fee and 0.99% FX fee.

Interactive Investor: Subscription fee is based on the Core plan at £5.99/mo, which allows for a maximum portfolio size of £100,000. For portfolios above this, customers are switched to the Plus plan, which costs £14.99/mo. ii platform fees are charged per customer and have been allocated to GIA for modelling. The FX rate varies by plan: 0.75% on Core, 0.75% on the first £50,000 and 0.25% for over £50,000 on the Plus plan, 0.25% on the Premium plan.

AJ Bell: Subscription fee is based on the annual 0.25% charge on the value of shares held in a SIPP. This is capped at £10.00/mo. Fee per trade reduces, depending on the number of trades executed in the previous month, from £5.00 for up to 9 trades to £3.50 for 10 or more trades. The FX rate is tiered by transaction value: 0.75% for up to £10,000, 0.50% for £10,001–£20,000, and 0.25% for above £20,000.

Scenario: You have £100,000 invested in a self-invested personal pension (SIPP) and make six trades per month. Three UK stock trades worth £250 each, and three US stock trades worth £250 each.
Portfolio value
Subscription fee
Cost of UK trade
Commission‎
Cost of US trade
Commission‎
Cost of US trade
FX
Total annual cost
£100,000
£0
£0
dealing commission
£0
dealing commission
£89.10
£89.10
£100,000
£150.00
£250.20
dealing commission
£250.20
dealing commission
£89.10
£739.50
£100,000
£179.88
£95.76
dealing commission
£143.64
dealing commission
£67.50
£486.78
£100,000
£120.00
£180.00
dealing commission
£180.00
dealing commission
£67.50
£547.50

Comparison disclosure

Costs are based on those published costs on the other providers’ websites as of 24 March 2026. They are shown for illustrative purposes only. For confirmation of their up-to-date charges and product information, you should visit their websites.

Calculations exclude interest on customer cash and do not include investment growth or tax relief. Annual percentage based charges and monthly fixed account fees are applied after UK and US trading fees and FX fees.

Freetrade: There are no commission charges per trade and no subscription fee on the Basic plan, which gives you access to a Stocks and Shares ISA, Self-Invested Personal Pension (SIPP), and General Investment Account (GIA). FX fees are 0.99% on Basic, reduced to 0.59% on Standard and 0.39% on Plus.

Hargreaves Lansdown: Subscription fee is based on the annual 0.35% charge on the value of shares held in a SIPP. This is capped at £12.50/mo. Fee per trade reduces, depending on the number of trades executed in the previous month, from £6.95 for up to 19 trades to £3.95 for 20 or more trades. The FX rate is tiered by transaction value: 0.99% for the first £10,000, 0.50% for £10,001–£24,999.99, and 0.20% for £25,000 or more.

Interactive Investor: Subscription fee is based on the Plus plan at £14.99 per month, as the portfolio exceeds £100,000 after the first monthly contribution. The Plus plan includes one free trade credit per month, worth £3.99, which has been applied to UK trading in this calculation. The FX rate varies by plan: 0.75% on Core, 0.75% on the first £50,000 and 0.25% for over £50,000 on the Plus plan, 0.25% on the Premium plan.

AJ Bell: Subscription fee is based on the annual 0.25% charge on the value of shares held in a SIPP. This is capped at £10.00/mo. Fee per trade reduces, depending on the number of trades executed in the previous month, from £5.00 for up to 9 trades to £3.50 for 10 or more trades. The FX rate is tiered by transaction value: 0.75% for up to £10,000, 0.50% for £10,001–£20,000, and 0.25% for above £20,000.

Scenario: You have £250,000 invested in a self-invested personal pension (SIPP) and make eight trades per month. Four UK stock trades worth £250 each, and four US stock trades worth £250 each.
Portfolio value
Subscription fee
Cost of UK trade
Commission‎
Cost of US trade
Commission‎
Cost of US trade
FX
Total annual cost
£250,000
£0
£0
dealing commission
£0
dealing commission
£118.80
£118.80
£250,000
£150.00
£333.60
dealing commission
£333.60
dealing commission
£118.80
£936.00
£250,000
£179.88
£143.64
dealing commission
£191.52
dealing commission
£90.00
£605.04
£250,000
£120.00
£240.00
dealing commission
£240.00
dealing commission
£90.00
£690.00

Comparison disclosure

Costs are based on those published costs on the other providers’ websites as of 24 March 2026. They are shown for illustrative purposes only. For confirmation of their up-to-date charges and product information, you should visit their websites.

Calculations exclude interest on customer cash and do not include investment growth or tax relief. Annual percentage based charges and monthly fixed account fees are applied after UK and US trading fees and FX fees.

Freetrade: There are no commission charges per trade and no subscription fee on the Basic plan, which gives you access to a Stocks and Shares ISA, Self-Invested Personal Pension (SIPP), and General Investment Account (GIA). FX fees are 0.99% on Basic, reduced to 0.59% on Standard and 0.39% on Plus.

Hargreaves Lansdown: Subscription fee is based on the annual 0.35% charge on the value of shares held in a SIPP. This is capped at £12.50/mo. Fee per trade reduces, depending on the number of trades executed in the previous month, from £6.95 for up to 19 trades to £3.95 for 20 or more trades. The FX rate is tiered by transaction value: 0.99% for the first £10,000, 0.50% for £10,001–£24,999.99, and 0.20% for £25,000 or more. See how Freetrade compares with Hargreaves Lansdown.

Interactive Investor: Subscription fee is based on the Plus plan at £14.99 per month, as the portfolio exceeds £100,000. The Plus plan includes one free trade credit per month, worth £3.99, which has been applied to UK trading in this calculation. Standard trading fees are £3.99 per trade on Core and Plus plans for UK and US shares and ETFs, reduced to £2.99 on the Premium plan. FX fees vary by plan, with 0.75% on Core, 0.75% on the first £50,000 and 0.25% above £50,000 on Plus, and 0.25% on Premium. See how Freetrade compares with Interactive Investor.

AJ Bell: Subscription fee is based on the annual 0.25% charge on the value of shares held in a SIPP. This is capped at £10.00/mo. Fee per trade reduces, depending on the number of trades executed in the previous month, from £5.00 for up to 9 trades to £3.50 for 10 or more trades. The FX rate is tiered by transaction value: 0.75% for up to £10,000, 0.50% for £10,001–£20,000, and 0.25% for above £20,000. See how Freetrade compares with AJ Bell.

Why choose a Freetrade SIPP

01
No account fee
SIPPs come with all our plans, including the free Basic plan. Compare plan benefits.
02
Commission-free investing
Unlimited free trades and low FX fees, so your money goes further. Other charges may apply. 
03
Award-winning app and SIPP
Manage your portfolio from anywhere via our iOS and Android apps and web platform.
04
8,400+ investment choices for SIPPs
Choose from global stocks, funds, ETFs, trusts, bonds, UK Treasury bills, and more.
05
Support
Fast, friendly customer support when you need it. Customers on the Plus plan also get priority customer support.
06
Automated tools
Set up automated investments, Direct Debits, limit orders, stop losses, and more. Regular investing made simple.
For more info, see our SIPP Key Features Document, SIPP Terms and Conditions, SIPP Charges, and SIPP Declarations. See our full pricing table here.

Top-rated SIPP provider

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Boring Money Best for Share Traders, 2026
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Boring Money Best for Low Cost SIPP, 2026
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Investors' Chronicle Platform for International Shares 5-Star Winner, 2026
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Boring Money award badge for Best Low Cost SIPP over £50K for 2026 with five stars
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Investors’ Chronicle and FT Financial Times 2025 Investment Award 5 Star Winner for International Shares.
Trustpilot reviews

Here’s what our customers say about us

Great app and service. Fantastic choice for SIPP and ISA investment.
IAN C.
|

Read IAN C.'s review on Trustpilot's website.

The platform is easy to use offering general/ISA/SIPP accounts. There is a huge range of stocks, ETFs, funds and gilts/treasuries. Responsive customer service. Interest on uninvested cash.
LOUISE DAVIES JONES
|

Read LOUISE DAVIES JONES's review on Trustpilot's website.

What can i say, a great service, no charges for transactions, just a nice easy 1 yearly or monthly fee whichever you prefer. I have a SIPP & S&S Isa (think there are cheaper sipps, but if you have both products cannot see any cheaper). Keep up the good work, and please to get 5* just need employer contributions set up
DAFYDD
|

Read DAFYDD's review on Trustpilot's website.

Having tried all the other share trading apps, I have come to the conclusion that Freetrade is the best 10/10. That’s why I chose them for my SIPP.
CUSTOMER
|

Read CUSTOMER's review on Trustpilot's website.

Consolidated my pension pots into a SIPP and ISA on a single platform. Excellent access to US market. Very reasonable account fees, low FX fees and no brokerage fees.
EVERTON SOUSA
|

Read EVERTON SOUSA's review on Trustpilot's website.

Great, clear and easy to use app. SIPP is great value for money and allows you to pick individual stocks as well as ETFs
MARTIN ARNOLD
|

Read MARTIN ARNOLD's review on Trustpilot's website.

Tax relief FAQs

If you have a question that’s not listed, please contact support.

How do I use the pension tax relief calculator?

How does pension tax relief work?

Who is eligible for pension tax relief?

How much can I contribute to my pension and still get tax relief?

How do I claim pension tax relief?

How do I claim higher or additional rate tax relief on a pension?

When is pension tax relief paid?

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Regulation and protection

Freetrade is authorised and regulated by the Financial Conduct Authority (FCA)
and your investments are covered up to £120,000 by the Financial Services Compensation Scheme (FSCS).

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