How to look after your pension
Pensions can be a bit of a mystery. How much should I save? How much tax relief do I get? What does my annual pension statement tell me?
In basic terms, pensions are really quite simple. They are just a long-term savings account into which you, your employer and the government pays money. But all the jargon and numbers that accompany pensions make them seem more complicated than they are. Pension tax relief can add further complexity given the multiple ways in which it can be claimed and its impact upon things like child benefit charge.
In this issue of Thinking Ahead, we look at two aspects of pension planning that many people find difficult:
Getting to grips with these can save you a lot of money, whether through reduced pension charges or a lower tax bill.
Hope you find it usefulJohn Lawson - Editor
It’s not just about deciphering jargon… find out how you can use the information in your statement to make sure you’re happy with your progress.