Taxation Services

Pension Planning

Everybody should ensure they make adequate provision for their retirement. This is typically done with a pension. There are various types of scheme including occupational, personal and stakeholder schemes as well as those Inland Revenue-approved pension scheme plans designed specifically for directors and owners. A SSAS (small self-administered schemes) is a popular method of pension provision for key directors of limited companies. As well as the usual tax advantages enjoyed by most pension schemes, SSAS arrangements have a further advantage – the irectors control the scheme’s investments and these investments can be used to benefit the directors’ own company. Self-invested personal pension plans (SIPPs) allow you to select pension fund investments yourself. They operate on a similar basis to insured personal pensions with access to collective funds, except that the Inland Revenue also allows direct investment in UK and overseas quoted securities as well as commercial property. Tax rules governing all these pension plans are extremely complex, so early advice will maximise your returns and provide a tax efficient vehicle for your retirement fund.