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Pension Advice and Planning

It is important that you plan ahead to ensure that you can afford to live a long, happy retirement.

With the changes announced in the Autumn 2014 Statement, pensions have become a flexible, tax efficient savings plan.

Basically you can save money into a Personal Pension plan (PPP) on a regular or adhoc basis and once you are within 10 years of state retirement age, you are entitled to dip into the pot and take out what you want, when you want.

Clearly this is an area upon which clients need our guidance so that money is extracted in the most tax efficient manner. You will probably also want us to prepare a model cash flow chart so minimising the risk that you run out of money.

Any contribution you make attracts income tax relief at your highest marginal rate. This is of course dependent upon the fact that you do not breach the set annual (currently £40,000) or lifetime limits (currently £1M). If you have an unused annual allowance and any additional contribution does not exceed the lifetime allowance, we can carry back three years so maximising the income tax relief due to you or your company.

Once you are ready to start taking an income from your pension pot we will assist you by making recommendations of the most tax efficient way to extract the funds.

If you should die, your pension pot can be passed tax effectively down through the generations so ensuring your wealth is distributed to your beneficiaries and not the pension company.

Part of our service to you is to offer a wealth management programme thus ensuring your portfolio is reviewed on a regular basis to keep pace with political and economic changes. You choose your service standard as described in the How We Work With You document.

Personal Pensions can run alongside an Occupational or Employers Group Pension scheme.

To avoid disappointment, do not put off your plans to prepare for retirement and do not rely on the value of your business as your pension pot.

For more information about the Pension Advice and Planning options available and which ones work best for you, get in touch with us today.


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