Claiming tax relief on pension contributions
Private pension contributions can attract up to 45% tax relief, if you know how to claim it. Use your £60,000 annual allowance wisely and carry forward unused relief from past years to boost your retirement savings.
You can usually claim tax relief on private pension contributions worth up to 100%
Pension tax-free lump sums
Turning 55 soon? From April 2028, the minimum pension access age rises to 57. If you are planning to draw your pension, you could take up to 25% tax-free. Make informed choices about your remaining pot, as the rest will usually be taxed as income. Get advice before you act.
Most personal pensions
Higher rate tax relief on pension contributions
Want to make the most of your pension savings? You could claim up to 45% tax relief on contributions, plus carry forward unused allowances. Here’s how to boost your retirement pot with generous HMRC incentives.
Tax relief on private pension contributions is generally available up to 100% of your
Inheriting spouse’s State Pension
If your spouse or civil partner has passed away, you may inherit part of their State Pension, depending on when you reached pension age. Find out what you could claim, from basic pension boosts to deferred benefits and top-ups.
If you reached State Pension age before 6 April 2016, you might be able
Tax on inherited private pension pots
Private pensions can be a great way to pass on wealth, but tax implications depend on the age of the deceased and the type of pension. Some beneficiaries may receive funds tax-free, while others could face significant tax charges. Knowing the rules is essential.
Private pensions can be an effective
Pension fund withdrawal options
Most personal pensions set a minimum age at which you can start withdrawing money, typically not before age 55. Some pension benefits can be taken tax-free. Generally, you can withdraw 25% of your pension pot as a tax-free lump sum, with a maximum of £268,275. If you have protected allowances, the
New brooms to deliver better pension frameworks
The Department for Work and Pensions has published an outline of the new Pensions Scheme Bill. There are three main objectives that the government want to achieve, and they are set out below. However, the process of consultation and redrafting that will no doubt be required will probably delay the
Check your State Pension age
HMRC’s ‘Check your State Pension age’ tool is available at www.gov.uk/state-pension-age/y.
The online tool allows taxpayers to check the following:
the earliest age they can start receiving the State Pension;
their Pension Credit qualifying age; and
when they will be eligible for free bus
Tracing lost pension details
An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people find their lost pension funds.
You can use this service to find contact details for:
your own workplace or personal pension scheme; or
someone else’s scheme if you have their permission.
Whilst
Higher rate relief pension contributions
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning:
Basic rate taxpayers receive 20% pension tax relief
Higher rate taxpayers can claim 40% pension