For every £1 paid from your pocket into a UK pension 25p is added. The title may sound like some form of scam but it’s a true financial return for UK taxpayers paying into their pension. For anyone with no pension savings, this is a huge missed opportunity. The government makes contributions to your personal or workplace pension in the form of a tax refund. The amount you receive depends on your income tax bracket, so if you’re a basic rate taxpayer you get a tax top up of 25% on your pension contributions, up to an annual limit. Your pension provider automatically claims the basic rate contribution on your behalf and adds it to your pension pot.
Pensions with Edale
Edale can help you form a new pension plan, as well as review existing plans. When you make contributions, we’ll automatically claim tax relief from the government and add it to your pension pot. You can manage your pension online through our online access: check your balance and past contributions.
Old style pensions are expensive
Competitive financial services in recent years especially following the unbundling of fees has resulted in lower fees for pensions. If you have maintained your pension and not moved it around we can usually find better alternatives. Whether you are at a stage looking to access your pension or adding to your pension Edale can help. As a truly independent firm, we are not tied to deals done by a network (the old adage if that size buys power, but we have examples where we get better platform offers than national IFA networks) or a parent’s manufactured products.
As always with investments, with a pension, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice. For personal financial advice speak to one of the Edale team.