Under current rules, returns from investments made into your pension are not subject to either Capital Gains Tax (CGT) or income tax. But one of the biggest advantages of saving into a pension is that you get tax relief on the money you pay in. This means that if you’re a basic rate taxpayer, for … [Read more…]
Harriet Meyer is an award-winning freelance financial journalist with more than 20 years’ experience writing about personal finance for broadsheet newspapers, consumer websites and magazines. Previously, she worked as editor of The Observer’s ‘Cash’ section, and was part of The Daily Telegraph’s Money team. She’s also worked as a BBC producer on radio money shows … [Read more…]
Pensions can be passed onto your loved ones when you die, although from 2027 they will fall into the scope of inheritance tax for the first time. Under current rules, if you have a defined contribution pension and die before you retire, your pension will usually pass tax-free to the person you nominated when you … [Read more…]
Melanie Wright is money editor at Rest Less. An award-winning financial journalist, she has written about personal finance for the past 25 years, and specialises in mortgages, savings and pensions. She is a former Deputy Editor of The Daily Telegraph’s Your Money section, wrote the Sunday Mirror’s Money section for over a decade, and has … [Read more…]
If you don’t really need the money right now, consider whether you may be better off leaving your 25% tax-free cash in your pension to benefit from future potential growth. Tom Selby, head of retirement policy at AJ Bell, said: “There is no ‘best way’ to use your tax-free lump sum, but it’s important to … [Read more…]
Unlike the Conservatives, Labour made no pledges in the run-up to the election that pension tax relief would remain untouched. Rachel Reeves has previously said she would support the introduction of a flat rate of pension tax relief, whilst benefiting basic rate taxpayers, would leave higher and additional rate taxpayers worse off. Sarah Coles, head … [Read more…]
Melanie Wright is money editor at Rest Less. An award-winning financial journalist, she has written about personal finance for the past 25 years, and specialises in mortgages, savings and pensions. She is a former Deputy Editor of The Daily Telegraph’s Your Money section, wrote the Sunday Mirror’s Money section for over a decade, and has … [Read more…]
Melanie Wright is money editor at Rest Less. An award-winning financial journalist, she has written about personal finance for the past 25 years, and specialises in mortgages, savings and pensions. She is a former Deputy Editor of The Daily Telegraph’s Your Money section, wrote the Sunday Mirror’s Money section for over a decade, and has … [Read more…]
Melanie Wright is money editor at Rest Less. An award-winning financial journalist, she has written about personal finance for the past 25 years, and specialises in mortgages, savings and pensions. She is a former Deputy Editor of The Daily Telegraph’s Your Money section, wrote the Sunday Mirror’s Money section for over a decade, and has … [Read more…]
Harriet Meyer is an award-winning freelance financial journalist with more than 20 years’ experience writing about personal finance for broadsheet newspapers, consumer websites and magazines. Previously, she worked as editor of The Observer’s ‘Cash’ section, and was part of The Daily Telegraph’s Money team. She’s also worked as a BBC producer on radio money shows … [Read more…]