Top tips for maximising pension payments
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Standard Life has issued a list of top pension advice tips aimed at helping people get the most out of their schemes.
The top tips include depositing the maximum amount into pension schemes in each tax year to take advantage of the full annual allowance.
Standard Life also recommends that people earning more than £43,888 per year sacrifice some of their salary and have their employers pay the money into their retirement pension scheme instead.
This will help them avoid paying the increased tax brought in by changes to National Insurance regulations.
The retirement pensions provider claimed that even those who run their own businesses can get tax relief on pensions, thanks to "new temporary rules [which] allow businesses to carry back up to an extra £50,000 in losses to be offset against profits in the two preceding years".
Standard Life manages around £123 billion worth of assets for its seven million customers worldwide.
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