NFU Mutual advises people to add funds to retirement calculator this year

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NFU Mutual advises people to add funds to retirement calculator this year

Fri 15th Oct 2010

Anyone on a relatively high salary should aim to put aside their maximum tax-free allowance this tax year before new regulations come into effect in April 2011, according to NFU Mutual.

Tax specialist at the organisation Sean McCann picked out people who earn between £50,000 and £130,000 as those who stand to benefit most from investing more in their retirement provision before the start of the next tax year.

He said: "It is vital that some high earners try to maximise this year's tax-efficient pension contribution immediately."

In his opinion, the new regulations announced by the government this week will simplify matters for people on a high wage, with the first £50,000 eligible for full tax relief.

Meanwhile, Legal & General pensions strategy director Adrian Boulding urged high earners to consider other investment options in order to avoid paying full tax on their savings.

He suggested putting money into Isas and maximum investment plans.

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