Individual Pension Planning

Along with buying your home, the most important financial decision of your working life will likely be your pension planning. If you are not fortunate enough to have a benevolent employer who provides an excellent pension you will likely have to consider making your own plans. Fortunately the government provide very generous  incentives for those that choose to save for their retirement in the form of tax relief, normally at the highest rate that you pay, effectively reducing your tax bill. Additionally, any investment growth within a pension is also free of all taxes.

Many customers will have older plans that lack flexibility, but the vast majority of modern pension providers allow their plans to invest in a multitude of different assets including commercial property, stocks & shares, as well as investment funds. Holders of older plans should consider that they can often improve the options within their contracts by switching providers. Most pensions allow benefits to be taken from age 55, usually with no penalty applied. There can be good reasons to do this even if you do not wish to retire.
Our pension specialists have vast experience in all aspect of pension planning including:

  • Occupational pension schemes (NHS, Local Authority, etc).
  • Group schemes (set up by past/present employers with the benefits dependant on market performance).
  • Personal pensions.
  • Retirement annuity contracts (early self-employed plans set-up by individuals for themselves-often with valuable guarantees).
  • SIPPs or self-invested personal pensions (generally more complex plans for those that wish to make direct investments into assets such as freehold shops, offices, and much more.
  • SSASs or small self-administered schemes (typically set-up by directors for themselves and senior management).

With the recent changes in pension legislation, it is vital to plan appropriately in order to take advantage of the tax reliefs available.
We can assist you with these plans by explaining the features and guiding you through the advantages and disadvantages of exercising options. All you need to do is call, email, or click the ‘contact’ button and sit back.