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26.06.2024

Did you know you can contribute to someone else's pension?

Nadia Khan DipPFS Cert CII (MP)

Nadia Khan DipPFS Cert CII (MP)

Wren Sterling

Financial Adviser, Mortgage Adviser, Will & Estate Planner, Investment & Wealth Manager, Pension Adviser

Surprisingly, over 76% of people are unaware of this opportunity. Research shows that third-party pension contributions can be a valuable financial planning tool, especially for those who have taken career breaks to raise children or care for elderly relatives.

Key points

Tax Benefits: Up to £2,880 per year can be paid into a non-earner's pension, topped up to £3,600 with tax relief.
Flexibility: Contributions can also be made for working partners within their annual allowance.
Family Support: Parents or guardians can set up and contribute to a child’s pension.

Unfortunately, even when informed, many still wouldn't consider it.

Affordability, lack of personal planning and changes to the pensions system are common barriers.

Interestingly, more women (79%) than men (74%) are unaware of this option. However, third-party contributions could significantly benefit women's retirement prospects, helping to bridge the gender pensions gap, currently at 35%.

It's crucial for families to be aware of these opportunities to ensure a more comfortable retirement.

Financial Planning
Retirement & Pension Planning
Pension contribution
children pension scheme

Nadia Khan DipPFS Cert CII (MP)

Nadia Khan DipPFS Cert CII (MP)

Wren Sterling

Financial Adviser, Mortgage Adviser, Will & Estate Planner, Investment & Wealth Manager, Pension Adviser

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…

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