Boosting your pension – our recent media success story
We, at Path, want to help people with their money as much as we can.
So, this week we went out to the national media with a story about something that’s rather unknown among the general population: claiming tax relief from someone else paying into your pension.
You may be well informed about claiming tax relief on money you put into your retirement pot yourself, but did you know you can do the same if someone else does it too? Whether it’s a friend, family member or a colleague, whoever is paying into your pension, you can claim tax relief on it. And you can get a cash boost from it. If you put in £2,880 in contributions to your pension, you’ll be able to claim £720 in tax relief on it, pushing your total contributions to more than £3,500. And you can do this each year you or someone else pays in, so it can amount to a lot when it comes to you retiring.
We hope to bring more financial tips and tricks like this over the coming months, particularly as people struggle during the cost-of-living crisis. In the meantime, we hope you’ve been inspired to look at your pension – and how you’re contributing to it – in more detail.
At Path Financial, we want to encourage people to align their investments with their ethical beliefs. So, if the article makes you want to look at your pension, why not consider how it’s impacting the environment too? Our trusted team can advise you on your savings and investments, how to make the most of them, and how to make sure the companies they’re put into are not polluting the atmosphere.
So many of us don’t realise what we’re entitled to when it comes to a pension, so having a financial planner who can really investigate the details can really help. Whether you’re adding small amounts now and are looking to make the most of it, or if you already have a significant amount in your pot, an adviser from Path can dive into the details. We’ll let you know what to do with your money – with the knowledge that it will protect the planet rather than destroy it, too. Get in touch with us today.
As always with investments, 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.