Tax relief advantages of saving into a pension
There are benefits to saving into a pension. Essentially, a pension is a long-term savings plan with tax relief. The contributions you pay into your pension benefit from tax relief and aren’t subject to tax while they’re invested. Contributions are made up of your own money and some of your earnings, that would otherwise have gone to the government as tax, which is put into your pension pot. It is important to note that tax treatment varies according to individual circumstances and is subject to change. The Financial Conduct Authority does not regulate taxation advice, so Unividual is not authorised to advise on tax – this is what accountants do. However, what we do is ensure you do not pay more tax than you should. It is good to have a financial planner and accountant working together to achieve what you need. Whether you are in your 20s or 40s, don’t miss out on a tax-efficient way of saving.