Contact

News & Insights

UK Pension Tax Relief Amounted to £51.6B Last Year

The HRMC has revealed that the cost of pension tax relief in the UK last year amounted to the astronomical sum of £51.6 billion.

This is due to the tax relief that UK citizens receive on contributions to their pensions (up to the annual allowance limit) and the NI relief that employers also receive on their contributions to their employee’s pensions.

Whilst this tax relief obviously comes at a great cost to the government, it is also a clear indicator that their plan to get more people investing in their pensions is working, meaning that more people are considering their future and retirement. Hopefully, this should also reduce the pressure on the government to support those who do not have sufficient provisions to make ends meet when they are forced to stop working due to age.

There has been speculation about whether the government will be reducing the tax relief on pensions available in order to decrease the amount of money they lose to the incentive program each year. However, as a result, people are likely to invest less in their pensions. The government will need to decide what they want to prioritize: a nation prepared for retirement, or a smaller bill on pension tax relief.

How Can Blacktower help you prepare for Retirement?

At Blacktower, we manage the pre- and post-retirement planning for clients across the globe, with the goal of helping to ensure that their finances are optimised towards helping them reach their retirement objectives. This means that we provide ongoing advice to our clients on all aspects of their wealth management including inheritance tax planning, the management of pensions, insurance policies, and other suitable protection and investment products. What a person needs will vary depending on their circumstances, which is why we take the time to get to know you, and your goals.

Invest in your financial future today, and plan your retirement with Blacktower.

Get in touch by clicking the link below to arrange a complimentary, no-obligation consultation with one of our experienced advisers.

Talk to us today

To understand more about how our UK Pension Tax Relief Amounted to £51.6B Last Year Service will benefit you, Contact Us Today

"*" indicates required fields

Hidden
Hidden
Hidden
Hidden
This field is for validation purposes and should be left unchanged.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice form a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

The best cities in Germany to live

If you’re planning to leave your home country and set yourself up in a brand new location, then you will need to put a lot of thought into where that destination will be.  Luckily, there are numerous resources to help with this. For instance, the world’s largest HR consulting firm, Mercer, releases an annual Quality […]

Read More

What is an unfunded pension and might you have one?

Those of you lucky enough (or so we thought) to have accumulated a pension pot over your working life time – with the promise  of a good pension upon reaching 60 (such as the equivalent of two thirds of your final salary) may be in for a shock. Just like endowments, when these arrangements were […]

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.