With November’s Budget fast approaching, Gary Walker Wealth Management is looking to help people get tax smart.
Each week we’re covering a different way to make your money work harder. This week, it’s pensions.
Click here to download the full guide.
Pensions don’t just provide for your retirement — they’re also one of the most tax-efficient ways to save. The Income Tax relief available on contributions makes them a powerful tool in any financial plan.
As the guide says: “Because of the Income Tax relief you get on the contributions you pay into your pension – when used as part of a balanced investment portfolio – it is one of the best ways to save for your retirement.
"This tax year, you can contribute and receive tax relief on up to the higher of 100% of your earnings or £3,600. Total contributions, including those from your employer, are also limited to the annual allowance (standard £60,000).”
And because pensions grow over time, the earlier you start the better. Compounding can add significant value to your retirement fund, turning consistent monthly contributions into a comfortable income later in life.
It’s also worth remembering the flexibility pensions offer — from carry-forward rules that let you use up unused allowances, to the ability to take 25% tax-free from age 55 (rising to 57 in 2028).
Bottom line? A pension isn’t just a safety net for the future, it’s a smart way to reduce your tax bill today.
Click here to download Gary Walker’s full guide to smart tax planning. Alongside ISAs, you’ll find insights on the Personal Savings Allowance, pensions, Inheritance Tax, and Capital Gains Tax – all designed to help you stay ahead this tax year.