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- Independent Advice
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Personal Pensions Advice
A Personal Pension is an arrangement made in your name, over which you have personal control. You can alter your contributions, suspend them, or stop them completely.
These products represent a popular and attractive way to save for your retirement and can be used by anyone regardless of other pension provisions they might already have in place, for example a workplace pension.
All monies invested into your personal pension fund grow free of capital gains tax, and the contributions you make are enhanced by income tax relief at source. For example, if you invest £80 each month, the Government will add tax relief on this contribution (currently 20%), and enhance your total contribution to £100!
You can also claim additional relief through your PAYE coding, if you are a higher rate taxpayer.
Everyone has an annual allowance for their tax-free pension contributions. Currently, this is £40,000.
Personal Pensions usually offer a range of investment mediums to suit your attitude to investment risk, and you can change your investments at any time. When you decide to take benefits from your personal pension fund, there are a range of options to choose from; such as purchasing an annuity or selecting capped or Flexi-access Drawdown. One quarter of your accumulated fund can be withdrawn tax-free when you retire; from age 55 or above.
These are similar to personal pensions but have their charges capped at 1.5% for the first 10 years, reducing to 1% thereafter. Whilst Stakeholders are generally considered to be less costly than a Personal Pension, your available investment choices might be restricted. Therefore, a Personal Pension might represent better value for you.
Pensions are a long-term investment. You may get back less than you put in. Pensions can be and are subject to tax and regulatory change therefore the tax treatment of pension benefits can and may change in the future.