PENSION & RETIREMENT PLANNING

What is a Personal Pension?

A personal pension is an investment product designed for you to save for your retirement. It could be suitable if you are self-employed or if your employer does not offer you a pension scheme. It’s tax efficient because you can claim tax relief on contributions that you make and you don’t pay tax on any investment growth within your pension fund.

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Why would I need a Pension?

If you want to improve your income in retirement and don’t want to rely solely on the State Pension to provide your income in retirement – you will need to plan your retirement now.

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What is an Executive Pension Plan?

An Executive Pension plan, or Company Pension Scheme, is an investment product designed for directors and employees to save for their retirement. When an individual joins an executive pension plan, they become a ‘member’ of their company's pension scheme. An executive pension plan is set up by Trustees on behalf of members. It's tax efficient because there is relief available for both employers and employees on their contributions to the scheme, there is no tax due on any investment growth within the pension fund and members may be entitled to take a tax-free lump sum at retirement.

If members want to make additional payments into an executive pension plan, they can add additional voluntary contributions (AVCs) to the plan. These are separate from the regular payments which the member makes. There are limits to how much the employer and member can make, but both member payments and AVCs will help boost their retirement fund.

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What is a Personal Retirement Bond?

A Retirement Bond is a unit linked pension plan which allows you to invest single contributions. It is normally taken out by anyone who is leaving a company pension, usually due to them leaving their current employer. Sometimes it is called a Buy Out Bond or a Transfer Bond. It is a portable pension pot that you own and have complete control over.