An ethical finance firm has explained the three ways that people can boost their pension pots in retirement without costing themselves anything more.
Path Financial has advised that a children’s pension, personal pension, or someone else paying into your pension could all trigger extra tax relief payments of up to £720.Millions of Brits could be entitled to £720 free pension cash a year with three 'little known hacks'.
If you're a parent, you can boost your kids’ pension pots before they reach adulthood by paying in up to £2,880 a year.Similarly, the firm explained that if someone has a pension and their partner, friend, relative or anybody else contributes up to £2,880 a year to it, they will be entitled to up to £720 for free in tax relief from the Treasury.
“This money can be accrued yourself, through friends or relatives contributing to your pot or for children, if their parents, guardians or those close to them contribute too. “These three ways could prove lucrative in your old age if you start using them early because the more money you build up, the more you’ll have to spend when you reach retirement.”
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