Why not gift a pension contribution to your spouse or loved one?
Remember that UK-resident non-taxpayers, such as non-earning spouses, can receive 20% tax relief, even if they do not pay tax.
The maximum that can be invested is £2,880 (£3,600 gross).
Email Sarah if you would like to discuss this option further.
When making a contribution to a pension, there are a few things that you should be aware of:
1. Lifetime allowance is being reduced to £1m – benefits built up in a defined benefit scheme count towards the annual allowance and may restrict what can be contributed to another pension.
2. If you have accessed income from a pension since 6th April 2015, a £10,000 money purchase annual allowance may apply.