Pensions

Retirement Financial Planning

Retirement financial planning is about maintaining the standard of living you want in retirement, and is achievable with good pension plan. We provide and advise on the benefits of the following pension schemes: 

Executive/Directors Pensions

A pension product, suitable for both directors and employees within a limited company organisation. It is set up by trustees on behalf of its members (employees) and the pension fund is kept totally independent from the business. A separate retirement financial planning fund is kept for each member and the pension payable at retirement to the individual will depend on the value of the fund available (Defined Contribution). It’s also a tax effective way for both employees and employers as employees get income tax relief on contributions paid, it grows tax free and they are entitled to a tax free portion at retirement. Meanwhile employers can treat their contributions as an expense against their trading profits which gives rise to corporation tax relief.

PRB’s – Personal Retirement Bond

When looking into retirement financial planning you’ll consider a Retirement Bond. A Retirement Bond is an insurance policy designed to accept a transfer payment from an Occupational Pension Scheme.  It is also known as a Buy Out Bond. A Retirement Bond may be taken out by a member of an Occupational Pension Scheme as a result of:

  • The member leaving the Occupational Pension Scheme
  • The Occupational Pension Scheme being wound-up
  • A Transfer from an existing Retirement Bond (once relating to the same employment)

A PRB can only ever accept more than one transfer payment where the additional transfer relates to the same employment. The bond is taken out in the individual’s own name which means the member now has greater control in managing their own retirement benefits. It gives you independence from your former employer’s pension scheme and the trustee(s) of that former pension scheme.

Group Pensions

Pension for staff in companies under TrustA group pension plan is straight forward and cost effective way to provide pension benefits for employees. Normally a ‘defined contribution’ structure means the eventual value of the pension is dependent on both employer and employee contributions and the performance of the pension fund during your working years. It is a tax efficient way for both employees and employers to build a fund for its members retirement. Setting up a group pension plan is a tax efficient way to attract employees. All company contributions receive tax relief against corporation tax. Members are also entitled to tax relief on contributions paid, tax free growth on their pension and a tax free lump sum at retirement.

  • SSAP’s – Small Self-Administered Pension Plan
  • SIPP’s – Self-Invested Personal Pensions
  • Personal Pension
  • PRSA’s – Personal Retirement Savings Account
  • AVC’s – Additional Voluntary Contributions
  • ARF’s – Approved Retirement Funds (Following Retirement)
  • Annuities – Guaranteed Pension (Following Retirement)

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    Pensions

    Maintaining the standard of living you want in retirement is achievable with a good pension plan.

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