140- How The Annual Allowance Works In Defined Benefit Pension Schemes

Benjamin explains the key differences between defined contribution and defined benefit pension schemes and how they use up the annual allowance. By the end of this episode, you'll understand the intricacies of each scheme and be able to estimate how much of your annual allowance you are using and help to avoid nasty tax charges that many people are sleepwalking into. Knowledge is power, money nerds. This stuff is a tad complex, but once you've mastered it, it really is nailed down. Join Benjamin Mitchell (themoneyscot), serial hater of financial jargon, as he helps make your finances clearer and ensures you never make another financial mistake. Getting on top of your personal finances doesn't need to be complicated or scary. Arm yourself with the only knowledge you need to transform yourself from money novice to money nerd!  Take my 5 minute retirement assessment (can you already afford to retire?) 🚀Disclaimer - please note that nothing in this podcast can be relied upon as financial advice and the content is provided purely for information and guidance purposes. Please seek independent, regulated financial advice relevant to your situation.