Making a Pension Contribution

Pension contributions attract tax relief at your highest marginal rate as an employee and for the self-employed. They are an extremely good vehicle for both reducing your tax bill and efficiently funding for your retirement.

Employer contributions attract corporation tax relief for both company directors and employees – this is an efficient way of taking profits out of a business.

April 2016/17: Annual Allowance for tax relief on pension contributions is £40,000. This will reduce if your income is over £110,000 and your ‘adjusted income’ is over £150,000 – for every £2 your adjusted income goes over £150,000, your allowance drops by £1 (up to maximum drop of £30,000)

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