Company Pensions - Pension Planning Services

Making contributions

Your contributions are taken from your salary before tax, so you don’t pay any tax on your contributions. These tax
savings mean that it costs you less to save for your future.
Let’s look at an example for someone who pays basic rate tax with matched contributions from their employer.
You decide to contribute £100 each month.
As you don’t pay tax on your contributions, you save £20. So your contribution only costs you £80.
Your employer agrees to match your contribution, so your £80 quickly becomes £200.

Single contributions

You can make single contributions into your account at any time. So if you find yourself with spare cash, you
could add it to your account. You can also make regular additional voluntary contributions into your account, as
long as the trustees agree.

Transfer payments

You can transfer pension savings from other pension plans. This could make it easier for you to keep track of
them. Transfer payments from one pension plan to another don’t receive tax relief. Transferring may not be in your best
interests as you could lose valuable benefits which can’t be replaced. You should speak to a financial adviser
before you make a decision.

Investing your pension savings

Your pension savings are locked away until you reach age 55 and invested to help them grow.
And the longer your money’s invested, the more time it has to grow. So the earlier you start saving, the better off
you could be.
Of course, investment returns are never guaranteed. So while your savings could grow, their value can also go
down. This means you could get back less than what you put into your plan.

Your retirement options

If the trustees agree, you can access your pension savings any time after age 55 – even if you’re still working. And
you’ll normally have three main ways to enjoy the money you’ve saved – buy a secure income, dip in when it suits
you or take it all as cash. You can also normally take up to a quarter of your pension savings completely tax free.

Corporate Financial Planning Advice

If you require any further information on setting up a Company Pension Scheme, please contact us on 01633 246246 or use our Contact Form.

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Sweetland Associates Ltd
Personal & Corporate Independent Financial Advisers
107 Stow Hill
Newport
NP20 4ED
01633 246246 / 07711 036958

info@sweetlandassociates.co.uk

The information contained within this site is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. Company Registration Number: 4689304
Country of Registration: England & Wales. Trading office address: Cathedral Chambers 107 Stow Hill Newport South Wales NP20 4ED. Registered office address: 107 Stow Hill, Newport, South Wales NP20 4ED
Telephone Number: 01633 246246 Email address: info@sweetlandassociates.co.uk

Pension Planning Services is a trading style of Sweetland Associates Ltd.Sweetland Associates Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the FCA register (www.fca.gov.uk) under reference 744333.
Further information about the Financial Ombudsman Service (FOS) is available from their website www.financial-ombudsman.org.uk