DF Wealth Management Limited

Are you claiming all of the tax relief you are entitled to on your personal pension contributions?

Analysis by PensionBee in October 2021* has found that over 1.5 million higher and additional rate taxpayers have failed to claim and estimated £2.5bn in additional tax relief on their pension contributions between the 2016 – 2019 tax years.

The way pension tax relief works differs depending on what kind of pension scheme you are enrolled in:

1. If you are in a ‘net pay’ arrangement, the pension contribution is deducted before tax is calculated on your pay (meaning you receive tax relief there and then).

2. If you are in a ‘relief at source’ arrangement, the pension contribution is deducted after tax is calculated and HM Revenue & Customs (HMRC) later send the value of the tax relief to the pension scheme.

‘Relief at source’ arrangements are used by personal and stakeholder pensions (that is, pensions set up with an insurance company) and some auto-enrolment workplace pensions. If you are a 20% taxpayer, there is no further adjustment that needs to be made. However, under this system, higher and additional-rate taxpayers must make a claim to receive the extra tax relief due to them.

Do you know which tax relief system is currently being used by your pension provider? If not, and you would like to receive a no obligation health check for all of your pension holdings then please get in contact with us at DF Wealth Management Limited and we will take care of the rest. Please visit www.dfwealthmanagement.co.uk for more information about us and the range of services we provide to private clients based across the UK.

* PensionBee.com 18/10/2021

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends upon individual circumstances.

DF Wealth Management Ltd is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority).

Isn't it time to get to grips with your pension savings?

1. Do you have multiple pension plans but with no idea of how much they are worth or where they are currently invested?

2. Would you like to have a better understanding of how well your pensions savings are currently performing versus industry benchmarks?

3. Do you have existing or old employer pension plans that you would like to have reviewed?

If the answer to any of these questions is ‘Yes’ and you would like to receive a no obligation health check on all of your pension holdings then please complete the enquiry form below and we will take care of the rest.

https://dfwealthmanagement.co.uk/pension-health-check

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

62% of self-employed people with no pension savings at all!

Despite the impact of automatic enrolment since 2012, figures published by The Exeter in December 2020 illustrates the severe lack of pension savings amongst self-employed workers in the UK.

If you are one of those affected and would like to discuss your options for saving for your retirement or any other financial planning requirements, please do not hesitate to get in touch.

The value of an investment with St. James’s Place may fall as well as rise. You might get back less than you invested.

DF Wealth Management Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority).

DF Wealth Management Limited is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority).