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 ...
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