There are many benefits in planning for retirement properly at the earliest opportunity to provide you with the reassurance that you can maintain your standard of living after you finish working.
Pension freedoms provide flexibility on drawdown and allowances have been relaxed & increased in recent budgets. These make pensions an even more attractive way of investing and withdrawing your money on retirement, so it is more important than ever to seek professional advice to guide you through the range of available pension options.
At Best Advice Wealth Management, we will take the time to consider your personal circumstances including your pension provision made to date and help you to make the right choices, whatever stage of life you are at. There are additional tax benefits of making personal pension contributions, which are:
All contributions, up to the annual limits, attract income tax relief. This means that currently, a basic rate taxpayer will pay for only 80% of their pension contributions and a higher rate taxpayer will pay only 60% of their contributions.
Your pension contributions can be invested into a wide range of assets to reflect your objectives, time horizon and risk tolerance. The growth of these assets is enhanced by the fact that no capital gains tax applies to pension fund assets, so they grow predominantly tax-free.
The lifetime tax allowance (LTA) was abolished from April 2024. This means that pension withdrawals will not be subject to additional high taxes, which was previously the case if the allowance threshold was exceeded.
Get In Touch Today
At Best Advice, we are able to guide you through your retirement plans and options available to you. Please get in touch if you would like to discuss these options and we’ll be delighted to provide you with advice and quotes.