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The savings incentive is celebrating its centenary in 2021, but major change could be on the way to the current system.
Aegon says pension tax relief faces possible reform from the UK Government as it seeks to balance the books - and this could create significant winners and losers.
Scotland now sets its own Income Tax rates, and many of its pension tax relief rates are also slightly different to the rest of the country.
The current Income Tax and pension tax relief rates north of the border are:
New analysis from Aegon found that a basic rate taxpayer who contributes £100 per month to their pension from take-home pay from age 22, and who increases that with annual earnings growth of 3%, could end up with a pension pot of £354,600 at 68.
Of this figure, more than £70,000 would be down to the 20% tax relief "top-up" for contributions.
For a higher-rate taxpayer, the benefits of pension tax relief are even more significant.
Currently, higher-rate taxpayers in Scotland receive tax relief at 41% on their personal contributions.
Pension tax relief was introduced as part of the Finance Act of 1921, but despite its 100-year pedigree Aegon says it remains one of the least-understood savings incentives.
However, it adds:
"The incentive looks set to be the focus of intense debate both in Government and among the public if, as has been trailed, it is to be reformed.
"With the UK Budget just around the corner at the end of October, there has been speculation that the Chancellor might seek to reduce the generosity of tax relief to higher-rate taxpayers and introduce a flat rate of tax relief, somewhere between 20% and 30%.
"If this was the case, while higher-rate taxpayers would lose out, this would benefit those who pay basic-rate tax."
Steven Cameron, pensions director at Aegon, said pensions are a very attractive way to save over the long-term in part due to the top-up the Government provides through tax relief.
"If pension tax relief is reformed, it will represent a major change to the current system after 100 years and there will be significant winners and losers.”