Advertising Feature: Planning for retirement, when should you start? The truth – as soon as possible. Unfortunately, pension planning is sometimes last on people’s agenda.
Were you born after 6th April 1978? Your state pension age will be 68 and is reviewable. With current full state pensions at just £175.20 weekly (www.gov.uk), they provide a basic standard of living, not a comfortable one. Giving a retirement where you are surviving, rather than enjoying life.
Many business owners are unaware limited companies can fund personal pensions for them. Contributions are treated as business expenses and offset against company corporation tax.
Have you got frozen pensions pots scattered around different providers? You can pool these into one pot, creating simplicity and easier tracking of your retirement plans. Also, potentially possible with final salary schemes. However, this may not be right for everyone, so receiving advice is vital.
Key benefits:
• Tax relief at your highest level. At basic rate, every £100 becomes £125
• Higher/additional rate taxpayers can reclaim additional 20% or 25% through self-assessment
• Tax free lumps sums up to 25% of the fund at retirement
• Pension Freedoms Act 2015 means greater freedom over how to access pension funds at 55 (57 from 2028)
• Non-taxpayers, 20% tax relief on the first £2,880 paid into a pension, making it £3,660.
• Pay into a pension for a child/grandchild up to £2,880 annually and receive 20% tax relief added.
• Pensions are potentially free from Inheritance Tax
Contact me to arrange a review, in person/virtually. I can calculate entitlements, review existing pensions, and get you on the road to a comfortable retirement.
The value of an investment with St. James’s Place will be linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation and reliefs from taxation can change at any time. Tax relief is dependent on individual circumstances.
For more details please contact me on 07946 183512
sherald.waterhouse-trew@sjpp.co.uk