How much could putting NI saving into a pension boost YOUR pot? The amount is then boosted again by pension tax relief, and grows at an annual investment return of 5 per cent. Impact of putting 2p NI cut in the Budget into your pension (Source: Evelyn Partners)Impact of putting 4p NI cut from the Autumn Statement and the Budget into your pension (Source: Evelyn Partners)How much do you need to save for a decent retirement? Paying into pension mitigates against income tax risesLucie Spencer says this pension saving tactic is especially powerful at the moment because of frozen and falling income tax allowances and thresholds since 2022. This is because contributions benefit from tax relief at the earner’s marginal - or highest - rate of income tax.

Source: Daily Mail March 10, 2024 20:14 UTC