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But while pensions should form a fundamental pillar of any retirement savings plan, the days of them being the only pillar are long gone.These days, saving for retirement is all about choice and flexibility. There are very good reasons for that, not least their tax benefits. Working with an adviser can help you maximise the benefits of the two products and ensure they fit with your long-term plans.ItвЂ™s no secret that when it comes to saving for retirement, pensions remain the first port of call. The contrasting tax treatment of pensions and ISAs means they can work best when used alongside each other. While their tax-efficiency makes pensions essential to any retirement savings plan, theyвЂ™re just part of a bigger toolkit available to savers and investors. JamesвЂ™s Place Charitable Foundation

вЂњHaving both offers more choices when making retirement decisions, and with the tax advantages youвЂ™re getting the best of both worlds,вЂќ says Clark.The main difference between ISAs and pensions is their tax treatment. ThereвЂ™s long been a debate as to whether ISAs or pensions are the best retirement savings option.In reality, however, using both a pension and an ISA is perhaps the best approach of all, not least because that gives you instant diversification and more options. JamesвЂ™s Place Wealth Management. Introduced in 1999 to replace Personal Equity Plans (PEPs), ISAs are now a big part of the retirement savings landscape.вЂњNow that itвЂ™s easier to access a pension as well as an ISA, the two products are much more broadly aligned,вЂќ says Tony Clark, Senior Propositions Manager at St. With people working today expected to live for two or three decades in retirement, and more income options available on reaching that stage, itвЂ™s important to make the best of the different tools at your disposal.So, while pensions remain the cornerstone of any decent retirement plan, they can work well alongside other options.The most obvious is an Individual Savings Account (ISA).

Anything over the basic rate of tax must be reclaimed via the individual's tax return and are subject to eligibility. Higher-rate taxpayers get 40% pension tax relief, so they have to pay in only ВЈ60 for every ВЈ100 contribution, while those on the 45% Income Tax rate can claim relief at 45%. This is because the government gives you tax relief on pension contributions at your marginal Income Tax rate.This means that for every ВЈ80 paid in, your pension scheme can claim another ВЈ20 in tax relief (so that a ВЈ100 contribution costs just ВЈ80). While the money you pay into an ISA will generally be taxed beforehand, as itвЂ™s paid out of net income, thereвЂ™s no Income Tax due on the interest or dividends you receive.In contrast, with pensions thereвЂ™s no tax when you pay in.

It depends on your future plans, and thatвЂ™s where an adviser can help you map out which products to use.вЂќThey can also ensure youвЂ™re investing in a way thatвЂ™s best suited to achieving the goals youвЂ™re aiming for.вЂњIf people aren't sure which to use, that tells us theyвЂ™re lacking a plan,вЂќ says Clark. вЂњFor example, your plan might be to access the ISA before age 55, especially if you want to retire before then. This is where a financial adviser can add particular value, while also helping you answer questions such as which pot to access first in retirement and what the tax implications might be.вЂњWhen it comes to all the allowances and limits, the adviser will have a watching brief over those and guide you along the best course of action,вЂќ says Clark. The former is the amount you can contribute in a tax year while still benefiting from tax relief (currently ВЈ40,000, but reducing by ВЈ1 for every ВЈ2 of adjusted income you earn over ВЈ240,000).The lifetime allowance is the maximum amount of pension savings you can build up over your lifetime without facing a potential tax charge, and is currently frozen at ВЈ1,073,100.The way to approach it from a tax perspective is to consider where the two products fit into your overall financial plans. вЂњPensions tax relief provides tax-efficient growth and access to a proportion of tax-free cash, while your ISA gives you another allowance entirely, so it makes sense to use both,вЂќ says Clark.Using both also helps savers navigate the annual and lifetime pension allowances.

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