Talk to us today about your pension and retirement plan.
In essence, a pension is a long term savings plan that has the added benefit of tax incentives for payments made into the pot. Pensions come in several different forms and can be difficult to understand at the outset. If you would like to look into starting a pension please complete our new pension questionnaire, once we have some information we can get started on securing your retirement.
If you have an existing pension and are unhappy with performance or charges and would like to have it reviewed we can do that too. Select an option below to fill out a the questionnaire and we can evaluate your options with you.
Tax Benefits
There are excellent tax benefits for both companies and employees contributing to a company scheme. Companies can usually avail of corporation tax relief by treating contributions as an allowable expense whereas Employees may claim relief at their marginal tax rate.
Company Pension
A company pension is a scheme set up by the company in trust to provide retirement benefits for those within it. Whilst companies may contribute to these schemes they are not obliged to do so. There are two types of Company Pensions.
Defined Benefit: These schemes A defined benefit pension plan is a type of pension plan in which an employer pays a specified pension, lump-sum or combination that is based on the employee’s salary and years of service.
Defined Contribution: In these schemes, both employer and Employee funds are invested, and the proceeds used to buy a pension at retirement. The value of benefits payable from DC schemes depends on the amount of contributions paid, the investment return achieved less any fees and the cost of buying the benefits.
Should employees wish to contribute to their pension the following limits will apply
Up to age 30 years of age 15% of net relevant earnings
30 up to 40 years of age 20% of net relevant earnings
40 up to 50 years of age 25% of net relevant earnings
50 up to 54 years of age 30% of net relevant earnings
55 up to 59 years of age 35% of net relevant earnings
60 years of age plus 40% of net relevant earnings
Executive Pensions
These tax-efficient savings plans can be taken out by a company for its directors and executives which both employers and employees can contribute.
Many of our Executive Pensions stem from individuals looking for wealth extraction. If you are looking for a way to turn company profit into personal wealth we may have the solution for you.
We have excellent Executive Pension products which allow a great degree of control over asset allocation when selecting your pension portfolio. Whether you want complete control over your investment choice or would rather take a step back and allow someone else to manage it for you we have the product you are looking for.