Be clever about pensions calculator contributions, says Evolve Financial Planning

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www.moneynews.co.uk > Pensions calculator > Be clever about pensions calculator contributions, says Evolve Financial Planning

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Be clever about pensions calculator contributions, says Evolve Financial Planning

Consumers should think carefully about the contributions they intend to deposit in their pensions schemes over the coming 12 months, according to a source from Evolve Financial Planning.

Speaking to unbiased.co.uk, spokesperson for the firm Jason Witcombe suggested that anyone who thinks they may receive a promotion in the next year that will make them a higher-rate taxpayer should perhaps focus on paying off other debts for the time being.

He explained higher-rate taxpayers get a large proportion of tax relief, so it takes less money to get larger contributions into a pension programme.

Mr Witcombe urged people in this situation to think about paying down their mortgage or building up savings until they receive their promotion.

"To get the most out of your pension between now and then you need to be clever about contribution levels and review this decision each year," he said.

Recently, a representative from Aviva suggested companies should use more accessible language when discussing retirement savings.

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