I'm 60 and looking to maximise payments into my personal pension (RAC). When I pay 40% of my income into the pension it will be greater than the amount of wages taxed at 40%. So am I right to say that the effective relief will be less than 40%?
If that is the case, is it still best to maximise my pension or should I pay in a reduced amount that stays in the 40% relief range and put the surplus into another investment?
If that is the case, is it still best to maximise my pension or should I pay in a reduced amount that stays in the 40% relief range and put the surplus into another investment?