It is important to build up wealth in your working career to secure your post-retirement standard of living. And most individuals do so by paying into tax favoured personal pensions.

The concept is a sound one. You get tax privileges as you put money in and whilst you invest. In addition, you only pay tax when you take money out and even then there is the tax free lump sum to be taken. The main drawback is that the funds are only accessible from age 55 and then in a restricted way and the tax free lump sum is usually only 25% of the fund value.

Our experience with personal pensions includes:

  • SIPPs – Self Invested Personal Pensions
  • SSASs – Small Self Administered Schemes
  • Commercial property purchase by your pension scheme
  • Succession planning using personal pensions
  • Entrepreneurs seeking more control over their pension savings
  • Loan backs to a business owner’s company
  • Levels of pension contributions
  • Limits on pension savings including the various Fixed Protections
  • QROPS – Qualifying Recognised Overseas Pension Schemes
  • QNUPS – Qualifying Non-UK Pension Scheme

Personal pensions being tax favoured inevitably brings complications including limitations on the amounts you can pay in each year and the amount you can accumulate in your personal pensions in your lifetime. Notwithstanding these, our experience shows personal pensions are a valuable way to build up your savings for retirement and our experience will assist you in this objective.