Individual Pension Planning
Along with buying your home, the next most important financial decision of your working life will likely be your pension planning
If you are not fortunate enough to have an employer who provides an excellent pension scheme, you will likely have to consider making your own plans.
Many people do not think about how they will generate sufficient income in their retirement to pay their bills and continue with their current standard of living. This is where planning for this inevitable day is so important in order to not leave yourself short in retirement.
Fortunately the government provides 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 people 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 asset classes, as well as funds. Holders of older plans should consider that they can often improve their options within their contracts by switching providers.
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 guiding you through the options available and the advantages and disadvantages of each. If you would like to explore what options could be appealing to use, please give us a call, drop us an email or come and say hello in our office in St Austell.