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Over 55 - pay into a pension or ISA?
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You can get tax relief on private pension contributions worth up to 100% of your annual earnings.
That is correct.
If your earnings were £30k and you contributed that to a pension GROSS then £6k would be 20% tax RELIEF and you would add a net £24k from your own money.
Pension contributions are best thought about at the GROSS level and most, if not all, official terminology will follow that convention.0 -
Thank you both for explaining the GROSS element as I didn't know that was the case. Every day is a school day!0
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