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Pensions are of huge interest to us all as a way of providing income for our retirement. Beyond the basic state retirement pension, successive governments have endeavoured to encourage individuals to make their own provision.
A Day (6th April 2006) saw the introduction of a brand new regime relating to pensions. This was heralded as pension simplification. Whilst it is true to an extent that the rules have been made considerably easier by sweeping away many of the complex distinctions between different pensions schemes, the position is far from simple. The situation has been made worse by major government changes of mind - the inclusion, then the exclusion, of residential property as qualifying assets; the rules relating to pensions after 75 and so on.
Fundamentally a pension is an investment, another means of savings. Its attraction derives from the considerable tax breaks that are given, provided that the complex rules are met.
At mfg Solicitors we have access to considerable pensions expertise which enables us not only to give advice on specific questions and issues relating to an individual's pension, but also the setting up and running of pension schemes and the exploitation of potentially huge tax savings by the utilisation of those schemes.
Pensions involve not only putting money with the insurance company, but more and more involve the establishment of one's own pension scheme through a Small Self Administered Scheme (SSASs) for owner-managed businesses or Self Invested Personal Pensions (SIPPs) for individuals. These give considerable scope not only for managing one's own savings through pensions rather than leaving these in the hands of an insurance company, but create the possibility of major savings. The new rules now allow self dealing whereby, for example, it is possible for a company to sell its property to a pension scheme and obtain substantial tax savings.
Whether you have an existing pension or are thinking of setting one up, if you have particular issues relating to an existing plan or simply want general advice as to whether or not having a pension is a sensible thing to do, contact us for our specialist advice.
If you would like to find out more, please contact us.
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