If you are a higher rate payer putting in at 59 seems attractive as you 25% will be tax free on drawdown. Rest at your marginal rate.
Maybe try and find an IFA and they can look at your whole situation
I've used the teachers as an example because giving generous pension breaks to the top 2% shouldn't be a priority right now. Yet somehow they've managed it.
The whole thing doesn't sit well with me. Tomorrow we have 2 days of teacher strikes because they are being denied a decent pay reward after a decade of pay erosion.
Yet this is a tax break that is designed to ensure the wealthiest families will stay wealthy through the generations. It will...
Maybe standard rate relief on the way in, tax free on the way out. They do something similar in Australia
Pension pots outside of IHT at death seems ridiculous, the money was never taxed at all. If Labour win they need to get rid of this, with pension freedoms a lot of people are not taking...
And as things stand anything left over at death will be free of inheritance tax.
40% tax avoided but nothing like that will ever be repaid.
Don't get me wrong, folks need to be encouraged to pay into pensions, but this pretty generous to all but 98% of the earners
Seems like a pretty blunt tool to get doctors out of retirement. If the pot size does increase to £1.8m this is a pretty big tax giveaway for a lot of high earners
Infact, to be allowed to put in £60k in a year you'd need to be in the top 2% of earners