Just get in touch to begin an informal, no-strings conversation about your ambitions. Every year we help hundreds of savers assess their financial landscape and plot a roadmap towards a secure financial future. Ensuring you have enough money to enjoy yourself is part of that. Make your money work harder for your futureĮveryone hopes for a comfortable retirement. If you would like to know more, read our short guide below.
Its a flexible way to take an income from the minimum retirement age. This includes contributions from your employer. Take money from your pension as and when you want it. If you’ve taken income from your pension beyond the tax-free element, you can contribute a maximum of £4,000 to your pension per year thanks to the money purchase annual allowance. If you’re still working, and have flexibly accessed your pension Even if you have purchased an annuity or accessed the tax-free element of your pension via drawdown, you are eligible to reap the benefits of continued pension contributions. Provided you haven’t taken taxable pension income via drawdown, you can still contribute up to 100% of your earnings into your pension. Still working? Then we need to look at how you have accessed your pension so far. If you’re still working, and haven’t flexibly accessed your pension And if you’re a higher rate tax payer you can claim back even more tax via your tax return.
There are no limits on how much income you can withdraw from your remaining pension savings. But because the government automatically tops up your contributions by 20%, you only need to contribute £2,880 to add £3,600 to your pot. Under flexi-access drawdown, you can take up to 25 of your pension savings tax-free upfront. You see you are able to add up to £3,600 each tax year into your pension. In fact you could earn £720 per year for doing nothing. Just because you’ve retired, it doesn’t mean you can’t continue topping up your pension pot. Though the amount you can contribute per year depends on how you have accessed your pension so far. Have you been wondering whether you can continue to make pension contributions after drawdown? With most pensions the answer is yes, you can make contributions up until your 75 th birthday.
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