Building up pension savings can make the difference between scraping by on the state pension and living it up in retirement. Choosing when and how to withdraw the money can be more tricky, so it's also worth exploring your options for the future.
1 You can snap up free money
The big benefit of paying into a pension is that the Government adds free money on top. Every £1 you pay into a pension should get an extra 25p added in basic rate tax relief, for contributions up to 100% of your earnings, a maximum £40,000 a year. If you are a higher rate or additional rate taxpayer, you can claim back extra tax relief through your tax return.
2 Some of your pot is taxable
This story is from the September 20, 2022 edition of WOMAN'S WEEKLY.
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This story is from the September 20, 2022 edition of WOMAN'S WEEKLY.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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