Pension contributions hit 'all-time high' - Salisbury House Wealth

But self-employed contributing less

Hannah Godfrey
clock • 2 min read

Total UK personal pension contributions jumped almost a fifth to hit an all-time high last year, according to Salisbury House Wealth, although the self-employed are contributing significantly less than they have in the past.

As the graph below shows, personal pension contributions were up almost 20% to £24.3bn, from £20.3bn the year before. Salisbury House Wealth said this was the first time the value of pension contributions, which reached £20.9bn in the 2007/08 tax year, had surpassed pre-recession levels. The financial adviser attributed the increase in contributions to April 2016's reduction in the annual allowance for those earning more than £150,000. It added that rumours other reductions in pension tax breaks could be on the horizon had helped to keep pension contributions from high earners at an ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read
Baillie Gifford: Enjoying later life without an income from work

Baillie Gifford: Enjoying later life without an income from work

The latest from PA’ Digital Working Lunch webinar series

Professional Adviser
clock 12 December 2023 • 2 min read
Knowledge is power: How to help turn retirement dreams into reality

Knowledge is power: How to help turn retirement dreams into reality

Being on top of money is key to achieving retirement ambitions

Emma Barrow
clock 29 November 2023 • 6 min read