Pension Contributions

Hopkirk | 09:08 Wed 05th Jul 2023 | Personal Finance

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Are pension contributions deducted from your pay before income tax is calculated?

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Can My Wife Draw Down From My Personal Pension?

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bhg481

Yes

Hopkirk

Question Author

If someone has pay that just rises into the 40% tax band, would it therefore make sense to increase pension contributions to avoid the extra tax?

Asking for a friend.

bhg481

That would work.

ToraToraTora

yes that's the best way to avoid the 40% I do that all the time.

Maydup

Definately, and if the pay goes up again, look into salary sacrifice to acheive keep it below the threshold.

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