Pension Planning

Pension planning is an important tax relief and in most cases should form part of your future retirement plans.

The pension contribution rules which currently apply are broadly summarised as follows:

• The annual allowance for pension saving is £60,000 (£40,000 in years from 2014/15 to 2022/23)
  
  
• The annual allowance is restricted if your annual taxable earnings/pension savings are more than £260,000 (£240,000 in the years from 2020/21 to 2022/23)
  
  
• The abatement is by £1 for every £2 over £260,000 to a minimum allowance of £10,000
  
  
• The Lump sum and death benefit allowance (LSDBA) limits the total amount of tax-free lump sums and death benefit lump sums that can be paid from all pensions to £1,073,100
  
  
• Contributions within the annual allowance will benefit from tax relief at the taxpayer’s highest marginal rate of tax
  
  
• Unused pension annual allowance can now be carried forward for up to three tax years. You may therefore be able to make pension contributions much greater than the annual allowance.

Our team of advisers can consider how these rules affect your pension position and the tax reliefs available.

We will also seek to ensure you are aware of the following issues and offer advice, which may include:

• The type of pension appropriate to your circumstances, including personal pensions, occupational pensions, self-invested personal pension schemes (SIPPs), qualifying recognised overseas pensions (QROPS) and qualifying non UK pension schemes (QNUPS) and International Pension Plans (IPPs)
  
  
• The contribution rules and tax reliefs available to you
  
  
• The tax implications of exceeding contribution limits
  
  
• Your options on retirement
  
  
• Your options if you are leaving the UK to retire overseas
  
  
• Consideration of other tax efficient investments and tax planning opportunities to optimise your overall financial position

Our focus is on ensuring that any investment strategy you may select meets with your overall financial and taxation objectives.

We are not able to provide financial planning advice.

We will work with your Independent Financial Advisor or we can introduce you to an IFA if requested.

If you require our assistance with pension planning please complete the form at the bottom of the page to get in touch.