With the tax year-end approaching, have you maximized your pension contributions?
Both November and December are rightly popular times for reviewing and making pension contributions. By this stage, you should have a good idea of what your income for the tax year will be and how much you may be able to contribute as a one-off payment before December the 31st arrives.
If you want to maximize your pension contributions, you should contact us as soon as possible.
Personal contributions to a pension are unlimited. However, tax relief on these contributions cannot exceed £50,000 or your net relevant earnings – whichever is the lower.
Your contributions will receive tax relief at the Jersey standard rate. This means, for every £100 you pay in, you will receive £20 in tax relief. Your contributions will benefit from tax-advantaged growth whilst they remain invested in an approved pension scheme.
If you would like to add to your pension contributions for this tax year, please contact your Wealth Consultant as soon as possible to discuss your requirements.