Maximising your Pension

Pensions are a tax efficient way for individuals to invest as you receive tax relief on your personal contributions. If you do not invest your full allowance each year you can, under certain conditions, utilise unused allowances from previous years.

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Ian Price, Divisional Director at St.James’s Place stated that individuals earning between £100,000 and £125,000 in the 2019/20 tax year are advised to reduce their income to below £100,000, eliminating the effective tax rate of 60%.

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

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