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<blockquote data-quote="farmerm" data-source="post: 6692568" data-attributes="member: 7195"><p>Yes and no... as I understand it I don't think pension contributions actually reduces your tax bill in any way... but you can in effect claim back the tax paid on the amount contributed and add this to your pension fund.</p><p></p><p><a href="https://www.moneysavingexpert.com/savings/discount-pensions/" target="_blank">https://www.moneysavingexpert.com/savings/discount-pensions/</a></p><p></p><p>Someone will correct me if I am wrong. What I think happens is when you pay into a pension the government also add money equivalent to 20% of your contribution, ie you pay in £100 your fund grows by £120. If you are a higher rate tax payers you can claim a further 20 or 25% so your £100 contribution grows your pension fund by £140 or £145. For every £1000 your earn as a higher rate tax payer you keep £600 and loose the rest to tax. However if you take that £600 and add it to your pension fund your fund grows by £1000.. so what is better for you personally, £600 in the bank of £1000 in your pension fund... its your call.</p></blockquote><p></p>
[QUOTE="farmerm, post: 6692568, member: 7195"] Yes and no... as I understand it I don't think pension contributions actually reduces your tax bill in any way... but you can in effect claim back the tax paid on the amount contributed and add this to your pension fund. [URL]https://www.moneysavingexpert.com/savings/discount-pensions/[/URL] Someone will correct me if I am wrong. What I think happens is when you pay into a pension the government also add money equivalent to 20% of your contribution, ie you pay in £100 your fund grows by £120. If you are a higher rate tax payers you can claim a further 20 or 25% so your £100 contribution grows your pension fund by £140 or £145. For every £1000 your earn as a higher rate tax payer you keep £600 and loose the rest to tax. However if you take that £600 and add it to your pension fund your fund grows by £1000.. so what is better for you personally, £600 in the bank of £1000 in your pension fund... its your call. [/QUOTE]
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