Isa and pension

I currently have a work pension which I pay monthy and I am thinking of opening and ISA S&S account,is it possible to have the two of then at the same time and invest money the same tax year?

Thank you

Yea. But you have a 20k limit access both ISAs

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A pension and ISA are separate things.

Thank you for your replay👍is that 20k per year each or 10k each?

The £20k per tax year ISA allowance is between these:

Cash ISA
Stocks & Shares ISA
Innovative Finance ISA (peer 2 peer)
Lifetime ISA (buying house / retirement) - max £4k

If it’s a new workplace pension designed to top-up the state pension it’s nothing to do with these.


This helps a lot,thank you for taking time to reply😀

Is you work pension an ISA?
You can can only have 1 ISA a year so if your work one has been running for more than a year you can open another.

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Will double check before I do anything but I don’t think it is an ISA.

Thank you for replying👍

As mentioned a pension, and Individual Savings Accounts are two separate things.

ISA is a tax wrapper so you don’t pay tax on the gains. It’s a short term thing, S&S ISA take the cash out whenever.

Pensions are for retirement. You get HEAVILY taxed if you take it before retiring.

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Very helpful replies Phil👍thanks! will read more about it before I do anything.

This isn’t true. Access is linked to age not retirement. Minimum pension age is currently 55 but will increase to 57 in 2028. Thereafter it will be 10 years prior to state pension age.

Pensions are a highly tax efficient way to invest, particularly if you are a higher rate taxpayer and expect to be basic rate taxpayer in retirement.

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