pensions tax planning

Mitigating a high tax bill

Despite government ambitions to reduce income tax rates, the overall tax burden is likely to remain at an historically high level for the foreseeable future. Higher earners are continuing to shoulder most of the burden.

This guide offers a detailed look at pensions tax planning for high earners with guidance on how to best mitigate a high tax bill.

Download the guide here
James Honeyman

“One in six income tax payers are currently taxed at the higher or additional rate. The proportion will increase significantly following the freezing of tax allowances and bands until April 2028.”

Pensions tax planning for high earners – what is included in the guide:

The rising tax burden on income

Planning could help you to lessen the rising tax burden – and we’re here to help.

Contribution planning

Pension contributions can offer a particularly effective way to reduce your tax bill whilst also helping you to prepare for retirement so you should make sure you are aware of all the options.

Taking control of your pension plan – SIPPs

If you want more control over how your pension funds are invested, you may want to consider a SIPP, which allows you to choose how your savings are used.

Withdrawing money from your pension

Careful consideration is needed of what level of withdrawal may be appropriate, and what investments should be encashed to provide it.

pensions tax planning

Retirement planning is complex, and has been made even more so by constant changes to the rules. We make it our business to stay up to date with the latest developments, and to help clients take full advantage of the available tax breaks.

This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.

Past performance is not indicative of future results and the value of investments can fall as well as rise. No representation is made that the stated results will be replicated.

James Honeyman

Chartered Financial Planner

James joined Progeny in March 2015 as a Financial Planner in the London office.

Learn more about James Honeyman