If you haven’t picked up from the previous 275 episodes that I think pensions are pretty cool, then I don’t know what else to do to help you realise that. With tax relief on the way in, tax-free growth while the money is held inside, and massive flexibility on the way out, pensions really are the king of wealth building vehicles. But all this cool stuff comes with limits. Limits on how much you can put into a pension each year, and how much you can hold within a pension in total. Today I want to cover some those allowances, and show you how to make the best of them.
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Annual Allowance & Lifetime Allowance
I get a lot of questions in my day-to-day job as a financial planner about the pensions annual allowance and the lifetime allowance. We tend to deal with wealthier folks at Jacksons who frequently come up against these limitations. But it can be easy to be caught by these allowances even if you don't consider yourself to be wealthy.
Resources mentioned in this episode
Course: Learn How To Invest– Don't forget the discount code of PODCAST25 when you sign up
And here's a kind-of transcript of today's show:
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