Standard Life's top ten tips for maximising pension payments
www.moneynews.co.uk > Pensions > Standard Life's top ten tips for maximising pension payments
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Money News |
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Standard Life's top ten tips for maximising pension payments
Thu 12th Mar 2009
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The tips include paying in the full amount offered as a tax-free pension contributions allowance and taking heed of the recent change to National Insurance (NI) rules.
New rules mean that those earning more than £43,888 per year now pay considerably more than they would have had to previously, so Standard Life recommends taking a salary cut and asking employers to make direct pension contributions instead, on which NI will not be charged.
Using a typical man called Joe, Standard Life explained: "If Joe's salary is reduced to £40,242, his NI will be £3,805.82 (about £36 less than he is currently paying and £393 less than he expected to pay in 2009-10). His disposable income, or take-home pay, remains the same."
Standard Life has around seven million customers worldwide.
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