People earning relatively high salaries, for example over £100,000 per year, face unique challenges when planning for their retirement.
Not only must they make the usual decisions associated with retirement planning, they also have to contend with legislation designed to restrict the amount they can pay in and hold in their pensions.
Make the right decisions, and retirement will be comfortable and may well be possible sooner rather than later. However, poor choices and the taxman could soon start to eat away at their income and pension, derailing their retirement plans.
These problems affect people in a wide range of occupations and pension schemes. For example, NHS workers, university lecturers and academics, as well as people in senior positions working for local authorities.
That’s where we come in. We will help you understand:
- How the Annual Allowance and the Tapered Annual Allowance (applicable to higher earners) may restrict the amount of money you can pay into your pension
- The solutions for dealing with the issues created by these allowances
- Other tax-efficient retirement planning options if the amount you can pay in to your pension is restricted
- The implications that the Annual Allowance or the Tapered Annual Allowance have if you are a member of a Final Salary or Defined Benefit pension
- How the Lifetime Allowance may restrict the amount of money you can hold in a pension
- The options available to avoid paying tax on your pension if it is likely to be caught by the Lifetime Allowance
- What retirement means for you
- The income and capital you need to deliver your ideal retirement
- When you will realistically be able to retire and whether you will be able to retire earlier than you previously thought possible
- Your existing pensions and the progress you have made to achieving your retirement goals
- The State Pension
- The steps you need to take to bridge any shortfall
- How the changes to pension legislation can help you meet your objectives