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More essentials of pension planning…

With major pension changes on the horizon for pensions that will increase their tax effectiveness after April Enables’ IFA’s in Bishops Stortford can help you get your pension arrangements in order.  Some of the things to consider before the changes come in to effect include making sure you have found all your old pension scheme entitlements. The government estimates that millions of people may have lost track of old pensions amounting to a staggering £3 billion. 

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 And have you considered using ‘salary sacrifice’ for your pension contributions t is a well-established way of saving tax and NI while making a pension contribution, essentially you agree to take a lower salary, and the amount you have ‘sacrificed’ can be paid into a pension fund for you by your employer. The advantage is that both you and your employer pay lower NI so you save both tax and NI straight away – and have a potentially larger pension later on.

Another thing you may not have considered is paying into pensions for your children or grandchildren.  You can put money into pensions even if you do not pay any tax at all, or invest on behalf of someone who is a non-taxpayer – and still get tax relief. Anyone can put up to £2,880 into a pension fund every year and receive 20% tax relief from HM Revenue & Customs, taking the total going into their pension fund up to £3,600. Whether it is for your children, your grandchildren or a partner who isn’t earning at the moment.  Another thing to note from the Budget it that from next year, the pension pot lifetime allowance is going to be reduced form £1.25million to £1million.
Enable’s IFA’s are happy to talk you through your options.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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