If greater access and more control are more important than tax relief then vehicles other than pensions may be best for you! Exploring the savings options can be complicated and demanding so consider the help of a pension professional.
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As you approach retirement you’ll be faced with some of the most important financial decision of your life. It is highly advisable that you start your preparation well in advance of your selected retirement date. You’ll need to consider your anticipated income in retirement, including your pension and any savings or investment income. As you
A self-invested personal pension plan (or SIPP) is a flexible type of personal pension. Unlike a personal pension where the fund managers oversee and control investments, a SIPP allows its member much greater flexibility regarding where and how their pension pot is invested. A SIPP can be a good option for individuals who have the
Salary sacrifice is an arrangement whereby an employee agrees to reduce their salary from the terms agreed in their employment contract in exchange for a benefit in kind. As an employee you sacrifice some of your salary, and your employer uses that bit of your salary to provide tax efficient employee benefits. Common uses of
A personal pension is a way to save for retirement, using the income it provides to supplement the basic state pension. It’s ideal for people who cannot join an occupational pension scheme, such as the self-employed. Small companies that do not offer a company pension scheme may offer a group personal pension.[link GPP] With this
Sometimes a small employer wants to offer pension provision for their staff, but their size does not warrant a large defined contribution scheme. In these cases a group personal pension (GPP) is often used. A group personal pension is usually set up by an employer. It is simply a collection of individual personal pension plans
Often referred to as a “gold plated pension”, final salary schemes are a great way to save for retirement. Unfortunately final salary schemes are expensive to sponsor and many employers find they can no longer afford them, so they are a dyeing breed these days. A final salary scheme is a define benefit pension scheme,
This type of pension provision is popular with employers as they can control the cost of their pension provision. Unlike a final salary scheme where the employer must make sure that the scheme can meet its members’ pension benefit obligations, with an occupational DC scheme it is up to the employee to make enough contributions
This post will look at advantages and disadvantages of ISAs and Pensions and then look at the relative merits of each in different situations. Simplistically: With an ISA you put your taxed income in an ISA and the returns are not taxed (its actually more complex than this) With Pensions you put the money in
Past performance is not a guide to future returns and the value of investments and income can go down as well as up.