As we approach the end of the tax year, there’s no better time to reassess your pension strategy. With potential bonuses and pay rises on the horizon, optimising your pension savings for tax efficiency is essential to ensure your money is working its hardest for you.
Here’s a quick refresher on the key allowances you need to be aware of:
In last year’s spring budget, significant changes were announced regarding pensions:
- · The pension annual allowance has seen a notable increase, jumping from £40,000 to £60,000.
- The lifetime allowance charge has been eliminated, offering more flexibility and opportunity for savers.
- The money purchase annual allowance has increased from £4,000 to £10,000.
- Updates have been made to the tapered annual allowance, warranting attention for those affected.
Curious about how you can leverage these allowances to your advantage? Our expert advisors are here to guide you through the intricacies and nuances of each allowance. We’ll help you understand the differences and identify which one aligns best with your financial objectives.
Don’t miss out on the opportunity to make the most of your pension savings. Get in touch to unlock the full potential of your retirement fund. Your future self will thank you for it!