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What are the advantages of a pension?

Advantages

  • 25% bonus from the Government, added automatically.
  • Grows tax-free (you might pay tax when you withdraw it).
  • Claim back some 40% (or 45%) tax, if you’ve paid it.
  • 25% can be withdrawn tax-free.
  • Self-employed? Pay in from a limited company and save Corporation Tax.
  • Passes to your family tax-free if you pass away under the age of 75.

To consider

  • Add up to £60,000, or your annual income (whichever is lower), per tax year (April 6th to April 5th the following year).
  • Can’t withdraw until you’re 55 (57 from 2028), or terminally ill.

Related topics

What is a pension?
What does Beach do?
What does ESG mean?

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By making an investment, your capital is at risk. The value of your investments depends on market fluctuations outside of our control and you may get back less than you invest. Past performance is no indicator of future performance. The tax treatment of an ISA and a pension depends on your individual circumstances and may be subject to change in the future. You should seek financial advice if you are unsure about investing.

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