If you are an employee, any contributions you make to an approved company pension scheme attract tax relief. So, it may be worth making additional voluntary contributions (AVCs).
You can contribute up to 15% of your earnings to your pension fund up to 30 years of age, 20% between 30 and 40 years of age, 25% between 40 and 50 years of age, 30% over 50 years of age.
If you are self-employed (or you have a non pensionable employment) you can have a pension arrangement under a retirement annuity contract.
If you are the proprietary director of a company which does not have a pension plan, you can set up a self administered scheme. Contributions to the scheme by the company will be tax deductible and the income of the scheme is tax-free.
LIFE ASSURANCE AND PENSION PLANS
With new options at retirement for pension holders and a very competitively priced life assurance market, financial planning is now more important than ever. |
