The INFORMED Overview

Pensions can provide an income in retirement and a tax free lump sum. There is tax relief of up to 45% on contributions and tax free growth on the fund

Personal Pension – The Key Benefits

  • Contributions tax free up to 45%
  • Workplace schemes
  • Personal Plans through providers
  • Retirement from age 55
  • Tax Free Lump Sum

Why should I have a pension scheme?

A pension provides income for your retirement. You can set up for yourself or by your employer will do it for you as part of an employment package
There is government legislation that means most companies will have to have a pension scheme. This and the basic state pension will provide you with a minimum income, but only to cover the basic cost of living. To have a more comfortable retirement, you will need to provide yourself for extra income through your own pension plan. There are of course many, many different schemes and providers to choose from

An overview of how pensions work

As an employee you may be offered membership of your employer’s workplace pension scheme. Most often you will be required to pay contributions. deducted from your salary and paid into the scheme by your employer. Your employer is likely to contribute to the scheme too, to add to your savings. All these contributions are invested until your retirement. You should know that automatic enrolments started in October 2012 and are rolling out over the next few years. The earliest you can open your pension pot is usually age 55, unless you are retiring because of illness. You will be able to take some as a lump sum in cash and the rest in the form of regular pension income.

Self-employed Pensions

If you are self-employed, you can set up a pension yourself by using a pension provider such as insurance companies, banks building societies. Or you can also set up a pension yourself as well as or instead of being in your workplace pension scheme.
For more details of a self-invested personal pension plan known as a SIPP please see the specific page

The advantages of a Pension

A pension scheme has certain advantages over saving in other ways investment growth which is free of tax and the facility to take a portion as a cash lump sum at retirement.

Tax implications

Pensions contributions benefit from Income Tax relief of up to 45%.
At INFORMED we stay in touch with the pension offerings and annuity levels so that whether you are setting up a pension for the first time or seeking to take an income we can offer best advice.

Pensions offer significant tax relief on contributions along with a valuable tax free lump sum option when taking benefits
Of course our first meeting leaves you with no obligation or cost. We look forward to helping you to become informed.

Make your first step towards getting in touch

Simply call 01628 638822 or just use the reply email.

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