We have seen relatively higher profits from farming over recent years, although do appreciate that profits are now reducing as a result of commodity prices coming down. Pension contributions have provided a means of reducing income tax liabilities, and will still be relevant when contribution with reliefs such as farmers’ averaging.
What happens to your pension when you die?
Children born this year could become millionaires by their 43rd birthday if their families contribute to a pension for the first 18 years of their lives.
Have you reviewed your pension or pensions recently and do you know how much you have saved for your retirement?
If you decide to continue working past the State Pension age, you could be paying unnecessary tax, in some cases up to 40%.
The Pension freedom changes of April 2015 represented a complete shake-up of the UK’s pensions system, giving people much more control over their pension savings than before.
