Qualifying contributions to pension savings and an individual retirement pension (IRP) can earn a tax credit within annual limits.
Limits and rates
Check the current annual combined limit and the portion available to pension savings alone. The credit rate depends on the applicable income threshold; local income tax effects are often shown separately.
An example
Multiply eligible contributions within the cap by the applicable credit rate, then compare with tax otherwise due. A credit cannot create a refund larger than tax available for offset under the relevant rules.
Transfer from an ISA at maturity
A qualifying transfer of maturing ISA funds into a pension account may add a separate credit limit under the cited rule. Timing and maximum amount matter.
Common points
A tax credit today and tax treatment when funds are withdrawn are separate questions. Early withdrawal can have different consequences; review the product and your own tax situation.