World of Finances

High earners have been urged to make the most of their pension contributions while they still can.

Sean McCann, tax specialist at insurance, pensions and investment specialist NFU Mutual, stressed that high earners try to maximise this year’s tax-efficient pension contribution immediately.

“Someone with a yearly income between 50,000 and 130,000 should consider investing more of their savings and disposable income before the reduced annual allowance comes into force in April 2011,” he remarked.

Mr McCann explained that the Treasury has simplified some of the rules, which he said is good news for people earning over 130,000 each year.

“Full tax relief will be available on the first 50,000 of contributions,” he explained. Full Article…

A worrying lack of interest in long-term savings products such as pensions has been exposed in Britons.

Research conducted by Standard Life found that just 46 per cent of consumers “care” about their pension.

Meanwhile, 23 per cent of those with a pension said they didn’t care about the savings they had made for their retirement and 32 per cent revealed they had little idea of how much they actually had invested.

With the study also finding that men care for their cars and women for their jewellery more than they do their pensions, Mark Polson, head of customer management at Standard Life, called for a reassessment of the way Britons view their finances .

“Our car and the jewellery we have at home are some of the most important assets we possess. However, these assets are often less valuable than those that aim to secure our financial future,” he commented.

“By taking an active interest in your finances, such as investing in long term savings products and staying engaged, your money can work harder for your future. Full Article…