Personal Pension Advisers

Planning for retirement shouldn't be a daunting task. We serve clients in Beverley, Hull, and nearby areas, and specialise in guiding you through the intricacies of Personal Pension Plans. Whether you're self-employed, have a workplace pension, or are considering a pension for a family member, our expert advice is tailored to your unique financial situation. We help you understand contribution limits, tax benefits, and withdrawal options to ensure you're on the right path to a comfortable retirement.

Personal Pension Plans

A personal pension plan helps you save money for retirement and is available to any United Kingdom resident who is between the ages of 16 and 75 (Children under 16 cannot start a plan in their own right but a Legal Guardian can start one on their behalf). You, in conjunction with your adviser, choose the pension provider and make the arrangements for paying the contributions to the plan.

You can start a personal pension even if you have a workplace pension or if you’re self-employed and don’t have a workplace pension. You don’t have to be working to take out a Personal Pension Plan and you can also provide a Personal Pension Plan for your spouse/partner or your child/children.

When you contribute to a Personal Pension plan, your money is invested by the pension provider (usually an insurance company) to build up a fund/pension pot over a number of years.

Tax relief

If you’re a basic rate taxpayer, your pension provider will claim back Income Tax at the basic 20 per cent rate on your behalf on the contributions you make and add it to your pension pot. Higher-rate taxpayers claim the additional rebate through their tax returns.

Contribution limits

The Annual allowance (AA) is the most you or your employer can save into your pension pots before you must pay tax, The current total is £60,000* per tax year (6 April to 5 April). If you contribute more than that you will pay a tax charge.

Tax-free cash

Most schemes allow you to withdraw 25% of your fund tax-free from age 55 (57 from April 2028). Subsequent withdrawals are subject to income tax.

The size of your pension pot will depend on:

  • the amount of money you paid into the plan
  • the performance of the plan’s investments
  • charges payable under the plan
  • advice charges (where applicable)

Taking your pension

Although most personal pension schemes specify an age when you can start withdrawing benefits from your personal pension (usually between 60 and 65) you are allowed to do that from age 55 if you wish. You don’t have to stop work to draw benefits from your plan.

Death Benefits

If you die before the age of 75 and haven’t purchased an annuity, your beneficiaries can inherit the entire pension fund as a lump sum or draw an income from it completely free of tax. If you’re over 75 years of age when you die, there will be a tax to pay on any withdrawals made by the recipient of your fund.

*Tax year 2024/2025

!

THE VALUE OF PENSIONS AND THE INCOME THEY PRODUCE CAN FALL AS WELL AS RISE. YOU MAY GET BACK LESS THAN YOU INVESTED.

TAX TREATMENT VARIES ACCORDING TO INDIVIDUAL CIRCUMSTANCES AND IS SUBJECT TO CHANGE.

Ready to take control of your retirement planning? We're here to help. Serving clients in Beverley, Hull, and the surrounding areas, our expertise in Personal Pension Plans can set you on the path to financial freedom. Contact us today to schedule a consultation and let's start building your secure future together.
 

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01482 427246
The Hive,
Minster House,
23 Flemingate, Beverley HU17 0NP.

mail@ashleyphillips.co.uk