Building up a pension

Article Abstract:

A pension scheme or plan is an extremely tax-efficient way to make long-term savings. The UK Inland Revenue grants tax relief at the individual's highest rate on pension contributions, and the pension fund accumulates tax-free. It is possible to contribute either to an employer's pension scheme or to a personal pension plan. The individual may claim tax relief on at least 17.5% of net relevant earnings, and it is also possible to boost current payments to a personal pension by using unused tax relief from earlier years.

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Building up a pension

Article Abstract:

A pension scheme or plan can offer a very tax-efficient method of long-term saving. Pension contributions are eligible for tax relief at the individual's highest rate, and part of the savings can be taken as a tax-free lump sum. The main types of pension scheme are those run by an employer or a personal plan. It is not usually possible to contribute to both at the same time.

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Building up a pension

Article Abstract:

Pension schemes are a tax-efficient method of saving. Employees can either contribute to a personal pension plan or employer's pension. Pension contributions obtain tax relief at the highest rate. Funds grow free-of-tax. Investors can obtain a lump sum from their savings tax-free, but cannot normally obtain their savings until retirement.

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