Home Local news Brits could claim £720 free pension cash with these 3 hacks

Brits could claim £720 free pension cash with these 3 hacks

by Editor

An ethical finance firm has explained the three ways that people can boost their pension pots in retirement without costing themselves anything more.

Path Financial has advised that a children’s pension, personal pension, or someone else paying into your pension could all trigger extra tax relief payments of up to £720.

If you’re a parent, you can boost your kids’ pension pots before they reach adulthood by paying in up to £2,880 a year.

When you do, the Treasury will add up to £720 for free in tax relief.

Similarly, the firm explained that if someone has a pension and their partner, friend, relative or anybody else contributes up to £2,880 a year to it, they will be entitled to up to £720 for free in tax relief from the Treasury.

Putting up to £2,880 a year in your pension can also trigger up to £720 in tax relief payments from the Treasury., according to Path Financial.

Rowan Harding, financial planner at Path Financial, commented “Essentially, if you put £2,880 in your pension pot in one year, you will be entitled to £720 in tax relief from the Government. 

“This money can be accrued yourself, through friends or relatives contributing to your pot or for children, if their parents, guardians or those close to them contribute too.

“You can contribute using one of these ways or more, but you can’t get more than the £720 tax relief you’re entitled to.

Recommended reading

  • Finance expert shares 7 top tips to boost your Credit Score
  • When can I claim my State Pension? Find out how you can apply for it
  • What is Pension Credit and do I qualify for it? 

“These three ways could prove lucrative in your old age if you start using them early because the more money you build up, the more you’ll have to spend when you reach retirement.”

Path Financial has also advised anyone who is wondering how to make better use of their pension in a sustainable way that promotes a healthier planet, to contact them.

Rowan concluded: “Our trusted team of advisers can help you manage the myriad of pension rules and regulations to make sure you’re maximising your pot and getting the most out of your cash now so that when you retire, you have as much money to spend as possible.”

Source link

You may also like

About Us

Vale 50+ Strategy Forum is a proactive public engagement group, working tirelessly to ensure that older people’s opinions and views are taken into account in all local and national strategic and operational planning.

Vale 50+ Strategy Forum
logo vale50plus

Enter your username and password to log into your account