1 Independent Financial Advisers Leeds York Bradford

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Independent financial advisers to individuals & businesses | Bradford, Yorkshire, United Kingdom
 
 
Pensions explained advice on financials Yorkshire 1
 
 
 
 
1Features at a glance

  • Access to tax-free cash
  • Draw benefits while working
  • Vast range of investment types
  • Control in your hands
  • Access benefits at 55
  • Your pension can borrow
  • Growth & income roll up in a tax-free environment

 

  
 
 
Clear as mud?
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Like most people your pension plans are probably a bit complicated. You may have taken out different plans at different points in your life and now you might have 2, 3 or even 4 or more plans all doing slightly different things. Do you feel you're on top of it all?
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Do you know why you've got this and that plan?
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Where are you invested and what in?
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Are your investments still tailored to meet your needs?
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Are you ready to take advantage of opportunities in recent legislation?
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Are your pension plan charges competitive?
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Are you really in control?
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April 6th 2006 was a radical day for pensions. Quite simply, all previous rules were binned and a new set of rules introduced. New rules which created: new options, new opportunities and new flexibility.
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The changes were aimed at getting us to put more into our pensions by making them more financially attractive. A SIPP (Self Invested Personal Pension Plan) may be the best way to take advantage.

Recent changes that affect Pensions & SIPPs
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The changes affected individuals in different ways. There are opportunities and pitfalls specific to each person. So it’s important that you review your arrangements with a Beaumont Robinson adviser. Protect important existing rights; unlock all the latest possibilities; and make your pension central to your financial planning.

How does a SIPP work?
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A SIPP (Self Invested Personal Pension) is a tax efficient wrapper for your pension investments. The new rules make a SIPP an ideal pension investment vehicle for a high net worth individual before and after retirement.
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It's extremely flexible, both in the investments it can contain and how you manage them. It could contain: commercial property; funds from existing pension plans; directly invested stocks and shares; cash; managed investment and pension products

  
     
 
 

The Advantages of a SIPP
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Contributions: great flexibility in the amount you or your company can invest.

Draw benefits - continue to work
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Partially retire, or retire early. Take a tax-free lump sum from your pension pot while you're employed. No longer required to retire or take a pension to take out this tax-free cash. Options to reinvest this money to grow pension further.
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Annuities: not required to buy a pension (an annuity) when you retire. At 75, options other than annuities available.

Protect existing arrangements
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Lifetime limit: can invest up to £1.75 million in your pension. Tax charges over this limit.
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Pension can borrow up to 50% of fund value. Pension makes repayments from untaxed income. Assist asset purchase.

Tax advantage
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Pension investments broadly tax-free. Control personal and company tax and maximise tax reliefs.
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Range of investments: huge choice - no longer tied to insurance companies.

Rules on Taxation
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The rules on taxation can change. Their value will depend on your personal tax position. The information on this website
is based on our understanding of current legislation as of January 2010 and may be subject to change.

To review your situation please contact
Rob Scott on 01274 32 14 83