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Treat pensions like any other investment

Saving for retirement through a pension is a common choice but it's also very emotive, so consider all aspects carefully, says Lucy Brennan

9 December 2013

The benefits in pension value and the amount that can be contributed have been drastically reduced by the government in recent years. There are still tax advantages in the relief on contributions, the tax-free roll-up of income and gains in the pension and the tax-free lump sum on retirement, though.

The only limit to the amount an individual can contribute to a pension is their relevant UK earnings in a tax year. An individual can make a contribution of up to 100 per cent of their relevant UK earnings in any one tax year (employer contributions do not count towards this test) or up to £3,600 if their relevant UK earnings are less than this.

However, there is a limit on the amount of tax relief an individual can get back. If the total contribution (including the employer's) is over the annual allowance then a tax charge is applied through an individual's self-assessment tax return, which eff...

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