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Free Advice on Pensions

However far away retirement may seem, it is never too early to start thinking about life after work. It is a time when you should be able to indulge yourself, do all the things you've dreamed about - but first you have to make sure you'll be financially secure.

Every year you delay taking out a pension, you could be substantially reducing your security and standard of living after retirement. Because investments grow exponentially over time, the earlier you begin contributing to your pension, the more buying power you will have when you stop working.

We are qualified to provide you with all the basic information you will need to help you plan for your retirement. We can also look at any existing schemes you have in place from current or previous employment.

We are especially keen to provide information on Company schemes including Stakeholder pensions, introduced in April 2001.

Self-employed people and employees who are not members of company pensions schemes can contribute to personal pensions.

• The amount they can contribute is a percentage of their net relevant earnings - basically their self-employed profits or their non-pensionable employment earnings.
• Schemes set up before July 1st 1988 are known as retirement annuities and slightly different rules apply to them. eg, there is no maximum level of pensionable earnings. The personal pension contribution limits apply to those years for which any personal pension contributions are made.
• Contributions are normally allowed in the year of payment, but can be related back to the previous tax year. It is also possible to catch up on contributions that could have been made in the previous six years.
• The maximum tax-free lump sum from a personal pension plan is 25% of the fund. Benefits may be taken starting from ages between 50 and 55 and must be taken by age 75.
• Personal pension plan members have a choice to take a pension in the form of an annuity or income drawdown directly from the fund.

Then to be reviewed every 5 years

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MLP Limited
17 Station Road, Belmont, Sutton, Surrey, SM2 6BX
Telephone: 020 8296 1799 Fax: 020 8296 1790
Email: paolo@mlptwickenham.co.uk

Authorised and Regulated by the Financial Services Authority