What will the future look like for you, financially? Are you on track to achieve your goals and become financially free? You may prefer to ease back gradually from work. But if you’ve planned well, it should mean freedom; to do what you like, when you like. Maybe you want to start your own business, focus on your hobbies or simply cut back how many hours you work in your current role. Whatever your dream, it is never too late, or too early, to start planning for it. Do you know how and where your pensions are invested? We can help. 

When and how should you take your pension benefits in the most appropriate and tax-efficient way? Is your retirement fund invested to give you the best chance of generating the income you want, for as long as you might need it? When and how should you start taking money from your pensions? How should you arrange your retirement pot to maximise the legacy you leave your loved ones? Is it time to start saving for retirement?

The Pensions annual allowance is the maximum amount that can be paid into a pension each tax year. This Includes contributions from yourself, your employer, any third party as well as tax relief paid to the pension. The current annual allowance is £60,000. However, you'll only personally get tax relief on contributions up to 100% of your earnings if your earnings are less than the £60,000 annual allowance. The tax relief provided by the government to encourage pension saving means that £1,000 paid into your pension could cost a higher rate tax payer as little as £400 after tax relief.

If you are a business owner, you can take money out of your company tax-free and invest it into your pension. It’s treated as a business expense, so additional corporation tax savings are available up to a maximum of 100% of your company profits in the year. With our advice and service, we can help guide you through these complexities to work toward making your retirement the one you’d hoped for.

The value of investments with St. James's Place will be directly linked to the performance of the funds selected and these can fall as well as rise. You may get back less than the amount invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is dependent on individual circumstances.

Please note anything above the basic rate of tax must be claimed via the individual's tax return.