A pension allows you to build up a sum of money, in a tax efficient way, which will be used to provide an income for your retirement, with the option to take part of your plan value as a tax free cash sum. It is a very complex area with numerous matters to discuss.
JPM will complete a full fact find around your requirements for taking income at and around retirement.
Our clients save all their working life, and it is important for them to make the correct decisions when it comes to their retirement. We have the experience to provide advice to clients who wish to target their income in retirement, potentially saving them both income tax and inheritance tax on their assets.
With the changes to pension legislation, there is no longer a need to purchase an annuity, and income can be taken when and how a client may require. Tax saving incentives can be maximised and pension benefits passed to beneficiaries, outside of the members’ estate.
JPM is well placed to advise and support the needs of the individual and their dependants.
We provide advice on:
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“A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change. You should seek advice to understand your options at retirement.” “The Financial Conduct Authority do not regulate tax planning or estate planning.”
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