Andy Egwim explains how to use UK pensions as tax shelters and avoid the £60,000 annual allowance penalty. He walks through contribution limits and recommends getting a financial adviser if you're unsure about your numbers.
£60,000 (annual pension allowance mentioned for UK pensions)
SIP guide (Self Invested Personal Pension guide) for personal/private pensions
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Number four Not Maximizing Pension Contributions so pensions are one of the best legal tax shelters in uk. Yeah, most people are not even contributing enough. You have £60,000 annual pension allowance which includes pension from both your workplace or any private pensions you have. And if you contribute more to your pension you can drop into a lower tax bracket and reduce your tax bill and also boost your retirement savings with tax free growth. But something to really watch out for. You want to make sure that you're not crossing the 60,000 pounds annual allowance because this could make you land with a penalty. If you're not sure how to start, you can download our free SIP guide. It's a self invested personal pension guide that can help you figure out personal private pensions. If it's something that could help you and if you're unsure, speak to a financial advisor.
