Maximising your pension fund

Despite the ever-changing pensions landscape, pension planning and saving for your retirement are still as vital as ever. Pensions remain highly efficient, offering tax relief at your marginal rate of income tax on your contributions.

Tapered Annual Allowance

Understanding the tapering of your annual allowance can be complex.

From 6 April 2020, tapering occurs where you have adjusted income in excess of £240,000 per annum. This means you will see your annual allowance reduced by £1 for each £2 this is exceeded, to a minimum of £4,000.

Carry Forward of unused reliefs

You may be able to contribute in excess of the current tax year's Annual Allowance of £40,000, or your tapered annual allowance, if applicable. If so, you’ll potentially receive tax relief at up to 45% using Carry Forward.

Carry Forward can work for you If you’ve contributed less than the Annual Allowance in the previous three tax years and were a member of a UK registered pension scheme during that time.

Lifetime Allowance

Frequent changes in Lifetime Allowance mean that advice is more important than ever. We will help optimise your retirement planning and ensure you’re taking full advantage of the latest Lifetime Allowance protection opportunities.

The value of an investment with St. James's Place will be directly linked to the performance of funds you select, and the value can therefore go down as well as up. You may get back less than you initially invested.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax reliefs depends on individual circumstances.

Got a question?

If you would like to speak to us about a particular issue or wish to find out more about the services we offer, please get in touch.