Overview of private pension contributions

Overview of private pension contributions

by | Aug 17, 2023 | Pension

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23. There is a three year carry forward...
State Pension if you retire abroad

State Pension if you retire abroad

by | Aug 3, 2023 | Pension

If you are retiring abroad, you are still entitled to claim your UK State Pension as long as you have built up a suitable amount of qualifying years of NIC contributions. However, your entitlement to yearly increases in the State Pension only apply in certain...
Check your State Pension forecast

Check your State Pension forecast

by | Jul 27, 2023 | Pension

The State Pension forecast provides an estimate of how much State Pension an individual can expect to receive when they reach State Pension age. The estimate is based on the applicant's National Insurance current and future contribution record. A forecast...
Pension Credits

Pension Credits

by | Jul 13, 2023 | Pension

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to help keep retired people out of poverty. There are two main parts to Pension Credit. The first part is referred to as the...
Take advantage of new pension tax reforms

Take advantage of new pension tax reforms

by | Apr 20, 2023 | Pension

The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000, with effect from 6 April 2023. Tax relief for contributions...
Spring Budget 2023 – Pension changes

Spring Budget 2023 – Pension changes

by | Mar 16, 2023 | Pension

One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions will be increased by 50% to £60,000 from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s...