Pension Planning - Boosting your Occupational Pension

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Boosting your Occupational Pension

Your pension can be boosted if your occupational pension scheme's expected retirement income still falls short of the desired amount.

The way in which your pension maybe increased, is by paying extra money into one or more other pension arrangements.

The arrangements you can choose depend on the type of occupational pension scheme you belong to. Extra payments to boost your pension, can only be made if;

• The total contributions to your occupational scheme and other pension schemes do not come to more than the maximum allowed for the type of scheme.
  
• Benefits received from the scheme must not exceed the Inland Revenue limits.

The occupational pension schemes administrator is able to tell you if you are able to make extra contributions, however are unable to advise you on the best way in which to boost your pensions, unlike an independent financial advisor.