Retirement expert shares five ways to maximise your pension savings during the new tax year

dailyrecord.co.uk:

The start of the new financial year is the perfect time to make sure your finances are in order, especially your plans for retirement.

Finance experts at Standard Life, part of Phoenix Group, have compiled the ultimate checklist to help people of all ages maximise their lateral-life savings, no matter how big or small their pension pot is.

Dean Butler, Managing Director for Retail Direct at Standard Life says that the start of the new tax year is the perfect time to give your pension savings a refresh and put yourself in the best financial position possible for the future.

He explains: “Thinking about your private pension at the start of the new financial year can help you put good habits in place, as well as ensuring you maximise your benefits and allowances.“It can be easy to leave it until tax year-end looms once again, but if you are in a position to act sooner, consider putting money away earlier in the financial year.”Dean added: “The longer you are invested the greater potential for growth and with the potential benefits of compound investment growth, it all adds up, giving your savings a boost that can add real value to your pension and make a meaningful impact on your retirement.”Dean explained: “Your pension annual allowance is the total amount your employer and any third party can pay into all your pension plans in a tax year before a tax charge could apply.“As of last year, the current limit is £60,000 or 100% of your earnings in a tax year, whichever is lower, but it could be less if you’re a higher or non-earner, and if you’ve already started taking money from your pension savings you might be subject to the Money Purchase Annual Allowance, which reduces your personal allowance to £10,000.“If you can