Personal pensions remain a popular, tax-efficient way of saving for retirement. Your fund grows free of Capital Gains Tax, and your contributions attract Income Tax relief at source — invest £80, and the government tops it up to £100 at the current basic rate of tax relief (20%).
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If you’re a higher-rate taxpayer, you can claim additional relief through your PAYE coding. The standard Annual Allowance is currently up to £60,000, with the possibility of carrying forward unused allowance from previous years. If you’ve already flexibly accessed income from another money purchase pension, your contributions to this plan are limited to £10,000 under the Money Purchase Annual Allowance.
You’ll be able to take 25% of your accumulated fund tax-free from age 55 (rising to 57 from April 2028), with a range of options for taking the rest, from purchasing an annuity to flexible drawdown.
Most personal pensions offer a range of investment options to match your attitude to risk, and you can switch your investments at any time.
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