Pensions boosted in Q1 2024

Pensions boosted in Q1 2024. Pension savers increased their average quarterly contributions by 63% in Q1 2024 compared to Q4 2023. Moreover, as the end of the tax year drew closer, according to new analysis.

The average quarterly contribution amount for women rose by 60%, from £873 in Q4 2023 to £1,395 in Q1 2024.

Notably, men continued to save more in their pensions than women.  Consequently, extending their average quarterly contribution amount by 64%, from £1,242 to £2,038.

Furthermore, self-employed savers also gave their pensions a boost. Again in the last three months of the tax year.  Indeed their average quarterly contribution increased by 63% from £1,121 in Q4 2023, to £1,822 in Q1 2024.

Undoubtedly the increase in pension contributions could be attributed to savers maximising available tax relief.  By contributing to their total earnings for the year into their pensions or taking advantage of the increased annual allowance. This rose from £40,000 to £60,000 in the 2023/24 tax year.

Additionally, the rise in the annual allowance threshold appears to have motivated pension savers to prioritise their pension contributions.

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Pensions boosted in Q1 2024.  To understand how we can help you with your pension planning and long-term retirement goals, call us today. For a free initial consultation, call us on 01603 957599.

 

 

 

 

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