October 8, 2019

Tax Savings with Pension Contributions

The example shows a net cost of €6,560 after tax to the client in return for an additional €10,000 saved in their pension.It shows a reduction in income tax by making a pension contribution whereby tax relief is granted partly at the marginal rate of 40% and part at 20%. Therefore, giving the client a marginal tax rate of 34.4%.

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