The government has removed the limit they had on the amount of money you can save in your pension over your lifetime. This was called the Lifetime Allowance (LTA); exceeding it meant paying a tax charge. This has opened up different opportunities for different clients. Should I restart contributions? If you have stopped contributing to
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If you have a defined contribution (DC) pension in the UK, it’s essential to understand what happens to your pension savings after you die. The good news is that the rules for distributing DC pension benefits after death are relatively simple. Can I control who gets my pension money when I die? When you die,
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Lifetime allowance abolished From April 2023, the Lifetime Allowance (LTA) is going away. This means that people can save as much as they want in pensions for their lifetime. There is still a limit on how much tax-free cash you can take out. You can take out up to 25% of your pension savings tax-free,
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With tax reliefs and allowances constantly changing, it is essential to ensure that you are taking full advantage of them. High inflation, freezes on allowances and tax bands, and cuts to CGT and dividend allowances mean you could be feeling the pinch more than ever. You can find our complete guide here, but here are
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Do you worry about how to pass on your wealth to your loved ones without having to pay a lot of taxes? If so, pensions can be a good way to tax-efficiently leave wealth to your family. Inheritance Tax (IHT) is a tax that affects around 1 in 20 estates, and more people will need
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