Maximise your pension before the tax year ends / Pensions advice / East Sussex Financial Adviser UK

The end of the tax year is just around the corner, and it’s the perfect time to give your pension a boost.

Certain tax benefits are only available for a limited time. This means you could miss out on valuable tax relief, chances to grow your savings faster, and even opportunities to support your family’s financial future.

Here are some steps you can take before 5th April to boost your retirement savings, reduce your tax bill, and make sure your money is working as hard as possible for you.

🍃 Make the Most of Your Annual Allowance
Did you know you can save up to £60,000 into your pension this year? With tax bands frozen until 2028, more people are finding themselves in higher tax brackets without even realising it. Making contributions now can help you manage your tax more effectively while growing your fund.

🍃 Catch Up
Thanks to a rule called ‘carry forward,’ you can use any unused pension allowances from the past 3 years. This means you could potentially contribute up to £200,000 before the tax year ends, giving your savings a boost while reducing your tax bill.

🍃 No More Lifetime Allowance Charges
This means you can contribute more without worrying about hitting a cap or facing extra tax charges. And with investments inside your pension growing free from income tax & capital gains tax, your money has more room to flourish.

🍃 Business Owners
With corporation tax now up to 25% for higher profits, making employer pension contributions can help reduce your company’s tax bill while boosting your savings. Plus, if you’re due a bonus, consider sacrificing it into your pension instead, you’ll save on NI and end up with more in your pension pot.

🍃 Family Finances
Contributions can help you reclaim child benefit if your income is above certain thresholds. You can also contribute to your partner’s or your children’s pensions, helping them build a strong financial future while benefiting from tax relief.

I’d love to help. Together, let’s make sure you’re making the most of every opportunity this tax year.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.

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