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26.06.2024

Did you know you can contribute to someone else's pension?

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Nadia Khan DipPFS Cert CII (MP), Wren Sterling

Did you know you can contribute to someone…

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  • Surprisingly, over 76% of people are unaware of this opportunity. Research shows that third-party pension contributions can be a valuable financial planning tool, especially for those who have taken career breaks to raise children or care for elderly relatives.

Key points 

  1. Tax Benefits: Up to £2,880 per year can be paid into a non-earner's pension, topped up to £3,600 with tax relief.
  2. Flexibility: Contributions can also be made for working partners within their annual allowance.
  3. Family Support: Parents or guardians can set up and contribute to a child’s pension.
  • Unfortunately, even when informed, many still wouldn't consider it.
  • Affordability, lack of personal planning and changes to the pensions system are common barriers.
  • Interestingly, more women (79%) than men (74%) are unaware of this option. However, third-party contributions could significantly benefit women's retirement prospects, helping to bridge the gender pensions gap, currently at 35%.
  • It's crucial for families to be aware of these opportunities to ensure a more comfortable retirement.
  • children pension scheme
  • Pension contribution
  • Retirement & Pension Planning
  • Financial Planning
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Nadia Khan DipPFS Cert CII (MP) Wren Sterling

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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