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Personal Pension Planning and Retirement Options

Planning for retirement is a complex process but, considering a pension wrapper is one of the most tax efficient homes for your investments, is well worth undertaking. At Pannone, our knowledge of the complex web of regulations enables us to create strategies that will allow you to achieve your financial goals and is complemented by our absolute independence in providing best advice. Some of the areas where we can advise you include:

  • Reviewing your pension portfolio and potentially consolidating and simplifying your benefits within one flexible wrapper. This may help reduce charges, provide greater investment choice and retirement flexibility, as well as ensure death benefits are outside of your estate on death. There would be many factors to consider before transferring and professional advice should be taken.
     
  • Registering your pension savings with HM Revenue and Customs before April 2009 to protect them from the new lifetime allowance charge and/or protecting existing tax-free lump sums that are greater than those permitted under the new legislation. Taking no action or taking the wrong course of action before registering could mean you lose valuable benefits.
     
  • Providing advice on funding your pension. The new legislation provides much greater flexibility on the level and timing of your pension contributions, which are fully relievable against your marginal rate of income tax. We can help you structure these payments to make the most of the available tax relief and also undertake modelling to ensure your pension can provide the income you require in retirement.
     
  • Advising on your options for drawing retirement benefits. We can advise you on the most suitable and tax efficient method of taking an income and lump sum from your pension benefits.
     
  • Provide, in conjunction with our Probate Team, integrated estate and pension planning. Pension funds are deemed to be outside of your estate for inheritance tax purposes before benefits commence. They are therefore a major consideration when undertaking inheritance tax planning.
     
  • Designing and implementing pension investment strategies to suit your objectives and attitude to investment risk, and which will also dovetail with your non-pension portfolio. The income and gains produced by the investments within your pension portfolio will be free of tax*.
     
  • Advising on pension options during and after divorce. Depending on your circumstances you may be better off with either an earmarking order, a pension sharing order or even offsetting pension entitlements with other assets. If a pension sharing order is established, then we can advise you whether to transfer this to another provider and then which provider is most suitable. This can often be a good time to review the rest of your pension portfolio and possibly consolidate benefits into one flexible plan.
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*Dividend income from equity investments will carry a non-refundable 10% tax credit.

Pannone LLP is authorised and regulated by the Financial Services Authority.

Call 0870 164 2372 now to speak with an Independent Financial Adviser (IFA) at Pannone LLP.