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Pensions

What Would You like to Know?

What is a Personal Pension?

A personal pension plan is a tax efficient savings plan designed to provide a regular income in retirement.

How does my money grow?

Your contributions will be invested in one or any number of funds with the company recommended. In time the value of your fund should increase until you are ready to receive your benefits, at which point you will use the accumulated fund to generate an income. The value of investments can go down as well as up and you may not get back the full amount invested.

What are the tax advantages of a Pension?

One of the great advantages that Personal Pension Plans have over other types of investment is the considerable tax concessions that your contributions and investment funds receive.

At retirement it can be used to provide you with a tax free lump sum equal to 25% of the fund value.

Contributions receive tax relief based on the highest rate of tax you pay. Secondly, where the money is invested, it grows free of Capital Gains Tax. Levels and bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor.

The value of Investments can go down as well as up and you may not get back the full amount invested.

Pension Investments after 6 April 2006 – A - Day

  • Would you like more control of your pension income in retirement?
  • Would you like to maximise your tax-free lump sum at retirement?
  • Would you like more control over the way your pension fund is invested?
  • Do you plan to retire before age 55?
  • Do you have little or no pension funding in place?
  • Are your total pension funds from all sources worth over £1 million?

If you have answered “Yes” to any of the above you should contact Nicholsons to discuss your needs without delay.

What options are available at retirement?

There are a number of different options available when you come to draw your retirement income – these include:-

  • A level pension for life
  • A reduced pension, with a tax free lump sum
  • An escalating pension
  • A widow/ers benefit can be provided for

A number of other options are also available which can be discussed in more detail when you are approaching retirement depending upon an individual's current requirements and attitude to risk.

Levels, and bases of, and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor.

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Nicholsons provides a comprehensive accountancy, audit and tax services and is a member firm registered with the Institute of Chartered Accountants In England and Wales. Nicholsons also provides a number of business support and advisory services including ; corporate finance, employee services, marketing support, business coaching, management training and consultancy. As a SAGE accountancy Partner Nicholsons also provides SAGE software, training and support.

Partners: Nigel Douglas FCA, Richard Grayson FCA, Richard Hallsworth ACA, Steve Kerby FCA, Emma Murray ACA.

Nicholsons also provides a range of financial services. Nicholsons is authorised and regulated by the Financial Services Authority. We are entered on the FSA register number 101739 at www.fsa.gov.uk/register. VAT will be applied to fees where applicable. Our VAT registration no is 128 2835 63. Accounting and taxation services and advice are not regulated by the Financial Services Authority. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. Levels, and bases of, and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor.