If you've reached your 40s or 50s without much in the way of a pension, you're not alone — and more importantly, you're not out of options. The most common reaction is a vague sense of guilt followed by doing nothing, which is the one thing guaranteed to make the situation worse. The truth is, starting later doesn't mean starting small. The tax relief available on pension contributions means the government is effectively topping up everything you put in, and for higher or additional rate taxpayers, that boost is significant — making every contribution go considerably further than it would elsewhere.
What many people don't know is that HMRC allows you to carry forward unused pension allowance from the previous three tax years — potentially unlocking up to £180,000 of contribution room in a single year on top of the current year's £60,000 allowance. So if you've had a strong year in business, come into money, or simply want to make up for lost time, there may be far more headroom than you think. The worst thing you can do is wait another year. The second worst is assume it's too late.
For any information on what allowances may be available to you, and how best to use them, please don't hesitate to reach out.
I’m a Sussex based Chartered Financial Planner who likes to keep things simple, relaxed, and genuinely helpful. No stiff suits, no confusing jargon, just relaxed conversations about what you want…
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