David S Shepherd: The SEXY benefits of the modern pension

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Update by David S Shepherd , Morrison Wealth Management Ltd
Investment & Wealth Manager, Pension Adviser, Financial Adviser, Mortgage Adviser

2021/05/05

The SEXY benefits of the modern pension

So you setup a private pension and your a higher rate taxpayer, you receive 20% tax relief directly on any pension contribution meaning that if you pay £400 into your pension, the gross contribution will be £500.

You can then claim an additional 20% tax relief through your tax return, meaning that you’ll end up paying just £300 for a £500 contribution to your pension.

Then when you retire -

You can take up to 25% as a tax-free lump sum

Effective tax benefits totally 65%!

While many won’t consider this ‘sexy' to have 65% of benefits then add the magic of compound interest and a investment strategy -

Pensions start to look a lot sexier as a long term investment.

Are you taking advantage of these sexy benefits?

#wealthmanagement
#educate
#taxsavings

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