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It's a great idea to save for your future, most of us won't have enough to live comfortably when we retire � but we can change that with a private pension. The letters can change too, and represent different things, for instance if your partner has given you some of their Marriage Allowance, your tax code could be M. It's a pension you own technically called a personal pension , and you decide how much you pay into it, you can pay into it whenever you want, and it's got some awesome benefits � you'll get tax-relief on whatever you pay into it! England Scotland Northern Ireland Wales.