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Pensions Pensions - one of those subjects people want to avoid talking about and committing to when they're young; then in middle life there are all those expenses - children, holidays, living the life - and then as the years creep by suddenly, the realisation that there's not much time left to get some funds together to help pad out the State Pension. We've put some notes and information together to show you what we can do for you. It needs thinking about, because of the way things are going, there won't be a State Pension worth the name within about 30 years. One of the major benefits of pensions contributions is that - subject to a lifetime limit - the taxman will top-up your contribution at the top rate of tax you pay. So, if you're a standard rate taxpayer and pay in £125, the taxman will adjust your tax so the net cost to you is £100. If you pay tax at the higher rate you'll get the standard rate relief as above and the balance to 40% is claimed through your tax assessment. Over the years, it makes a huge difference. And when else might the taxman give you money? Where are you in your working life? Are you just starting, or in the early years of your working life? Are you making your way through your thirties, forties or early fifties? Contributing to a pension scheme? Are you moving towards retirement, or recently retired and want information about choices, Open Market Options, and maximising your retirement income? Click the links for information specific to your circumstances. NHS Orkney staff click here.
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