Tax efficiency 'can boost pensions'
An investment management firm is reminding people saving for retirement to ensure their finances are in good shape before the end of the tax year.
Rensburg Sheppards has published a seven-point checklist for investors to make sure their savings and pensions are as tax-efficient as possible before April 5th.
The list advises people to maximise contributions to personal pensions, retirement annuities or additional voluntary contribution plans, as well as using stakeholder payments of £3,600 for non-earning family members.
Graham Barber, head of financial planning at Rensburg Sheppard, said good financial planning is now more important than ever, adding: "Investors also need to treat maximising the tax efficiency of investments as a priority."
Earlier this month the Low Incomes Tax Reform Group (LITRG) also advised high-earning over-65s that their tax-free personal allowance is increased, although this can be withdrawn if their income is too high.
To counter this, LITGR suggested paying pension contributions and even deferring the state pension to reduce the amount of tax paid on it.
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