Have Tax Questions? Ask a Tax Expert for Answers ASAP
Short of retiring now, all you can do to reduce your taxes overall is to either increase your contributions to your current company pension scheme or sacrifice salary and have your employer make direct contributions into the pension plan. You would need to check with a pension adviser that you would not be in danger of breaching the lifetime pension allowance which is currently £1 million and which may reduce further in future. Your BC pension is £22,880 per annum. It's lifetime value is £457,600 (20 time £22,880). Take a look here for information on the lifetime pension allowance.
You will be paying tax at 40% on a large piece of your BC pension (40% tax starts at an income level of £43,000) so you have some way to go to not be paying any tax at 40%. Whether your employer's pension scheme will allow additional contributions is something you will have to determine by contacting the scheme trustees.
There are high risk investment vehicles which give generous tax reliefs but these are aimed at those who have money they are prepared to lose in pursuit of the tax reliefs and big returns and which are not appropriate for most of us.
I hope this helps but let me know if you have any further questions.
No, I'm not saying that. Pension income is not pensionable but the tax you pay on it is determined by other income levels.
What I'm saying that is you could pension more of your current salary than you are at present. As I said, you would need to pension a significant proportion of your salary in order to not being paying 40% tax on part of your income at all.