A pension is one of the most tax-efficient ways to save for your future. The government encourages pension saving by giving tax incentives, known as tax relief.
You can make a single contribution at any time to take advantage of tax relief and power up your pension. And the more you save into your pension, the more help you’ll get from the government.
For example, if you pay basic rate tax:
| You save | Tax relief added as a boost to your contribution | Total contribution added to your pension plan |
| £80 | £20 | £100 |
| £160 | £40 | £200 |
| £240 | £60 | £300 |
If you pay a higher or additional rate of income tax, you could benefit from additional tax relief, which you can claim from HM Revenue & Customs. Tax relief can change and depends on your individual circumstances and where you live in the UK.
Any single contributions you make are added to your pension and invested to help them grow, helping you save more for your retirement. While your savings could grow, their value can also go down. This means you could get back less than you put into your plan.
Give your pension savings a boost
If you need to start a pension, or you’d like more information about how you can benefit from tax relief and any limits that apply, and how you can give your pension savings a boost by making a single contribution, get in touch with James or Ben on 01253 405900 and to arrange an appointment.
