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22.04.2024

Are pensions more attractive to those saving for retirement!

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Nadia Khan DipPFS Cert CII (MP), Wren Sterling

The Budget brought good news for those saving into a pension. The pension allowances were boosted, which means everyone has a higher allowance this year than they did for the previous tax year. This amounts to between £6,000 and £30,000 of additional annual allowance.

Who can benefit from these changes?

The most obvious beneficiaries are clients looking to accelerate to retirement as they can now pay more into their pensions.

Business owners could also potentially benefit from these changes. The increase to corporation tax rates this year along with taxes on dividends means that the cost of withdrawing money from a business is high. So, is it salary Vs. dividends? Or should it be salary versus dividends versus pension contributions? I’d say it’s pension contributions, in terms of the client paying the lowest rate of tax.

Using a pension to save for retirement makes a great deal of sense for most clients, especially now everyone has a more generous annual allowance. And that includes clients who may have already exceeded their lifetime allowance.

So, it’s certainly worth checking whether high-earning clients who have previously stopped or lowered their pension contributions should start maximising their contributions again.

pension scheme
contribution
carry forward
annual allowance

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Nadia Khan DipPFS Cert CII (MP) Wren Sterling

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…

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