Pensions & Retirement Planning
The value of pensions and investments can fall as well as rise, you may get back less than you invested.Tax treatment varies according to individual circumstance and is subject to change.
Pensions & Retirement Planning are composed of the following:
- Personal Pensions – Suitable pension provision forms a core part of your future wellbeing. Therefore, planning for the future carefully and not leaving things to chance is important, if you value yours and your family’s lifestyle.
- Occupational Pensions – These are pension schemes organised by an employer for the benefit of its employees. Typically a pension’s administrator will manage the scheme.
- Group Pension Schemes – Similar to an occupational pension scheme, where a pension scheme that is set up by an employer and run by the pension provider, the pension however remains as a contract between you and the provider so contributions can sometimes be continued as after leaving an employer.
- Contractor Pensions – Pensions for Limited company contractors can help increase tax efficiency of income through salary sacrifice, reduce corporation tax by reducing retained profits and save for retirement. The main benefit of having the suitable pension plan in place is the ability to retire comfortably when you want to as well as reducing your corporation tax bill.
- Directors pension schemes – Small Self-Administered Schemes (SSAS) are the most popular and flexible pension schemes for directors, partners and key employees. They can borrow and lend and they are granted tax exempt status, as normal pensions are, and there is no contractual requirement to make regular contributions, unlike most other schemes. Thus the company only makes contributions when profits allow so.
We differ from other advisory firms in that we provide truly joined up financial advice, meaning that we understand what ‘financial planning’ comprises of, i.e. working with a quality financial adviser, accountant & possibly legal firm, depending on your requirements. We bring these threads together to join up the dots and ensure that nothing is missed from your business and personal financial plan.
For more information, please get in touch.
If you have a Limited company, you will need to think about making retirement provisions and of course corporation tax.
Director Pension Schemes
Essentially, they permit a small group of trustees appointed by the company to decide how to invest the funds...
Group Pension Schemes
A Group Pension Scheme is a scheme set up by the employer and run by a pension provider, the pension remains a contract...
If you leave employment, you may not be able to continue contributing to your old work pension, in which case you may wish to consolidate your pensions into one well managed pension.
Pensions and Divorce
As part of a settlement, assets will need to be divided equitably, which can often require advice.
Even if you have a good company pension, having a suitable personal pension can be important, especially if you move jobs or are considering self-employment.
Contact us to discuss your financial future