Future-proof your retirement savings
2 days ago
Future-proof your retirement savings
The Autumn budget is fast approaching, and it comes with speculation about potential changes to pension tax benefits.
No one can predict exactly what’s ahead, but one thing is certain: Acting now means you can make the most of today’s rules with a Shared Cost Additional Voluntary Contribution (Shared Cost AVC) scheme.
A Shared Cost AVC could help you boost your retirement savings tax-efficiently. Thanks to Income Tax and National Insurance savings, a £100 contribution will only cost a basic rate
taxpayer £72.08.* What’s more, you could even take 100% of your Shared Cost AVC pot as a tax-free lump sum at retirement.±
Want to learn more? Book on to one of My Money Matters’ educational webinars:
The Autumn Budget – what you need to know:
Looking at the Autumn Budget and picking apart what impact it will have on us.
- Thursday, 27 November at 12:30pm
- Friday, 28 November at 12:30pm
- Monday, 1 December at 4pm
- Tuesday, 2 December at 12:30pm
- Wednesday, 3 December at 12:30pm
- Thursday, 4 December at 4pm
Find out more at my-money-matters.co.uk or click on one of the above webinars.
*Basic rate contributions are displayed as a guide only. Basic rate assumes an individual paying 20% Income Tax and 8% National Insurance contributions. The actual savings will depend on your personal circumstances.
±Please note, you can take all or part of your Shared Cost AVC plan as a tax-free lump sum as long as you take it at the same time as your main scheme benefits, and it does not exceed 25% of the combined value of your plan and your main scheme benefits.