Planning for your pension?

Tax efficient saving is facing a period of reform, which could make it more difficult to build and pass on wealth.

From April 2029, both employer and employee National Insurance contributions will be charged on pension payments made via salary sacrifice above £2,000 a year.

These latest changes were announced as part of this year’s Autumn Budget, following the decision in the 2024 Autumn Budget to include unspent pensions from 2027 means that careful consideration is needed when building up a larger pension pot.

Pensions were once seen as an effective method of protecting long term wealth due to the tax efficiencies. They are also increasingly used for intergenerational wealth planning because, in many cases, they sit outside the estate for Inheritance Tax (IHT) purposes.

There is still time for savers and business owners to prepare. We can help you plan your next steps, so get in touch with us to see how we can help.