John Head Finance, Independent Financial Adviser - Pensions

Pensions

Despite all the bad Press pensions have received in recent years, we still firmly believe that they are a VITAL part of anyone's long term financial planning.

The Biggest Problems

Successive Governments have produced new pensions legislation too often - this only serves to confuse the public. We are now a long way from the, to our minds misnamed, Pensions Simplification announced in 2006 and there are, as we write this, even more changes being discussed and threatened by the current Government.

The options BEFORE, AT and IN retirement are complicated and are again under revue at present.

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The facts however remain that the tax advantages of Pension Funds are an incentive to save:

  • Tax Relief at your highest marginal rate of Income Tax is applicable on all contributions to the pension up to an Annual Allowance. A Basic Rate taxpayer and even a non taxpayer receives Basic Rate Tax Relief at source - this means that, if they pay £80 into their pension, it is immediately worth £100, courtesy of H M Revenue & Customs.
  • The investments held within the Pension Fund are free of all Capital Gains Tax, Income Tax on interest and income tax on Dividends (although the Company paying the dividend will already have accounted for a 10% Tax Credit before they distributed it). Tax Free Growth and Income should not be ignored, even though the end pension income you take when you retire is taxable.

We have divided Pensions into the three main sections listed below. Please select a section for more information.

Pensions - Starting Out Pensions - Along the Road Pensions - At Retirement
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