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.
At this time of year, we think about New Year’s resolutions, and it’s also a good time to start planning your tax affairs before the end of the tax year on 5 April
Planning to Achieve your Retirement Goals sooner
Even now, given the current market volatility, pensions remain one of the most tax-efficient investments you can make.
If you are a higher-rate taxpayer and have not carefully developed a tax planning strategy, then you run the risk of missing out on key tax allowances and paying more in taxes than you need.
The rules underpinning what you can contribute to a pension, and the rules around the Lifetime Allowance, have changed significantly from 6 April 2023.