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.
Carry forward any unused pension allowances from the last three years
If you haven’t maximised your pension savings in previous tax years, you still have time.
In addition to this year’s annual allowance, it could be possible to add an additional £140,000 by making use of any unused annual allowance from the previous three years through ‘carry forward’.
Just make sure that your earnings in the current tax year are at least equal to the total contributions being paid.
Tags: Killik & Co | Pension | Sarah Lord
