Putting your pension first
By Kirsten Hastings, 15 Feb 16
Pensions are a tax efficient and flexible way to save towards retirement but time is running out in the UK to use this year’s allowance, says Sarah Lord, managing director of Killik Chartered Financial Planners.
Pay into a pension even if you do not have any earnings
Currently, you can invest £2,880 ($4,176, €3,708) even if you have little or no earnings and qualify for basic rate tax relief of £720 boosting your investment to £3,600.
Given the likely changes to pension tax relief, it is quite possible that this could be removed for the future so make use of it now while you still can – and think about non-earning spouses or children who could benefit.
Tags: Killik & Co | Pension | Sarah Lord
