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nick@fivefinancial.co.uk
One of the best features of using a pension to save for retirement is tax relief. When you pay into your pension, some of the money that would have gone to the government as tax goes towards your pension instead. This can help reduce the amount of tax you pay and be used to help boost your savings for the future.
This ‘tax relief’ is given based on the rate of income tax that you pay.
However, depending on how your pension scheme works, if you don’t pay tax you might not get tax relief.
Equally, you might have to claim extra tax relief not claimed by your scheme.
In addition, there are certain limits that you need to be aware of which can impact the amount of tax relief you're entitled to. Exceed these limits and you may have to pay a tax charge which effectively claws back any excess tax relief given.
Five Financial Wealth Management / Five Financial
is an Appointed Representative of
New Leaf Distribution Ltd.
New Leaf Distribution Ltd
is authorised and regulated
by the Financial Conduct Authority.
FCA number 460421.
Our services relate to certain investments whose prices are dependent on
fluctuations in the financial markets beyond our control.
Investments and the income from them may go down as well as up and you may get back less than the amount invested.
Past performance cannot be used as a reliable prediction of future performance.