Pension tax planning opportunities

Make your pension as tax efficient as possible with CKLG Accountants


Planning for Retirement 

Whatever your age, it’s never too late to start saving to retire.

It’s more important than ever to start your retirement planning from an early age, however dull a prospect that may sound to younger generations.

Putting money into a pension each month will provide you with a regular income once you retire.

There are three types of pension:

  • state pension – you receive income from the state once you reach a certain age
  • workplace pension – contributions from your salary, your employer and government
  • personal pension – aimed to supplement other pensions or for the self-employed. 

Plan your retirement with CKLG Accountants Cambridge


Pension Tax Planning 

Many people choose to make provision for their retirement by investing in pensions.  We can advise you on the tax issues surrounding pensions, including the following:

  • Available tax relief if you wish to consider making or increasing your pension contributions. This needs to take account of the Annual Allowance and Lifetime Allowance and, where applicable, any unused relief from earlier years;
  • Tax relief to be claimed on your Tax Return for any personal contributions paid and advising you of any Annual Allowance charge, if overpayments have been made;
  • The availability of Pension Protections and the implications of applying for protection;
  • The tax implications of drawing funds from your pension fund;
  • Obtaining a State Pension forecast.

Please note that we only provide advice on tax issues and are unable to advise on investment matters relating to pensions.

However, we can refer you to a financial adviser for assistance in this area, if required.

Planning for retirement