Workplace pension responsibilities
Automatic enrolment for workplace pensions has helped many employees make provision for their retirement, with employers and government also contributing to make a larger pension pot. The law states that employers must automatically enrol workers into a workplace...
Tax on inherited private pensions
Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pension provider that you should...
Pension Credit deadline
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to keep retired people out of poverty. Pension Credit can top up: your weekly income to £201.05 if you are single; or...
Tax relief on pension contributions
Taxpayers can usually claim tax relief for their private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23. There is a three...
