Did you know: that contributions to your pension can receive tax relief?

Generally your pension provider claims tax relief from the government at the basic rate (20%) and adds it to your pension pot.  For example, if you contribute £80, the government adds £20, making a total of £100 in your pension.  If you’re a higher or additional-rate taxpayer, you can claim extra relief through your Self-Assessment tax return.  For instance, if you pay 40% tax, you can claim back an additional 20% on your contributions.

There is now no limit on how much you can save in your pension over your lifetime; the only constraint is that you cannot contribute more than £60,000 in any one tax year, and you will only receive tax relief on a sum equal to 100% of your UK earned income in that year.

Finally, did you know that pension contributions can help restore personal tax allowances and child benefit?