Boost pensions now, experts advise

Older adults are being advised to put any extra money they may have into a pension as soon as possible, as speculation mounts over a possible reduction to the annual pension allowance.

Skandia claim that if people wait until budget day on March 21st to see if the limit is reduced it may be too late to take advantage of current levels.

Ensuring that enough money is available for a comfortable retirement is a major concern for many Brits, especially when health worries may lead to increased average expenditures.

If the maximum allowance does get reduced, workers looking to invest in their future will be bound by the new limit.

Adrian Walker, Skandia's pension expert, commented: "Maximising all available allowances is certainly something everyone should do, especially those who pay tax at 40 and 50 [per cent], and they need to take action now, before budget day."

Currently, the maximum annual allowance stands at £50,000, meaning Brits can contribute £250,000 by using all allowances in one go, providing the contribution does not exceed annual earnings.

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