Colin Simmons: Putting lockdown savings to tax-efficient use

Pension boost from lockdown pain

clock • 4 min read

Savings rates shot up during lockdown as we all stayed firmly at home, writes Colin Simmons. As the tax year-end approaches, he explains the power of tax relief on pension contributions that could put those saved pennies to good use...

As we continue to adapt to living and working with Covid-19 and come to terms with the restrictions placed on us, it is perhaps an opportunity to consider how we can support our clients to prepare for a more prosperous future. It's well documented that savings rates in 2020 increased as many people's consumption fell as a result of the changes in how we all live our day-to-day lives. But how are we helping clients make the most of these savings? For clients who have been fortunate enough to remain employed, their savings rates may have increased significantly. For instance, the person...

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

Defensive income before retirement: A four layered framework

Defensive income before retirement: A four layered framework

Entering decumulation can be an unsettling time for clients

Joe Simpson
clock 10 August 2026 • 4 min read
The FCA's decumulation challenge: Can UK REITs help deliver sustainable retirement income?

The FCA's decumulation challenge: Can UK REITs help deliver sustainable retirement income?

A look at the three Ss of retirement income

James Peel
clock 04 August 2026 • 7 min read
What the decumulation shift means for advice firms, and how the best are responding

What the decumulation shift means for advice firms, and how the best are responding

'Technology is part of this picture in ways that are worth being honest about'

Andy Zanelli
clock 14 July 2026 • 4 min read