Pembrokeshire Mortgage Centre Ltd trading as County Financial Consultants is Authorised and Regulated by the Financial Conduct Authority. Financial Services Register Number 479220. Registered in England & Wales, Company Number 4680558.

Registered Office address: Sea View, Cambrian Terrace, Saundersfoot, Pembrokeshire, SA69 9ER. Trading address: as per our registered office.

The guidance and or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.

© Pembrokeshire Mortgage Centre Limited trading as County Financial Consultants, 2017. All rights reserved.

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Sea View, Cambrian Terrace, Saundersfoot, Pembrokeshire, SA69 9ER

Pensions Products

Personal Pensions

Personal Pensions represent a popular and attractive way of saving for your retirement. These pensions are also Money Purchase schemes and are open to everyone and especially useful if you are self-employed, your employer doesn't yet run a company scheme or just for topping up existing arrangements. From October 2012, the Government introduced reforms and all employers have to offer their employees, who meet certain criteria, automatic enrolment into a workplace pension. Employers can use the Government backed scheme, National Employment Savings Trust (NEST), or offer an alternative ‘Qualifying’ work place pension scheme such as a Group Personal Pension, providing it ‘ticks’ certain boxes. The process is being phased in between 2012 and 2018 depending on the head count of a firm. Employers are required to contribute a minimum of 3% of salary with Employees making a personal contribution of 4% with tax relief of 1% added on top, which again, is being phased in gradually.

All monies invested into your fund grow free of capital gains tax, and the contributions you make are enhanced by income tax relief at source. For example if you invest £80, the government adds on tax relief (currently 20%) to enhance your contribution to £100! If you are a higher rate taxpayer you can claim additional relief through your PAYE coding. An annual allowance of up to £40,000 (2016/2017) is available as well as the possibility of utilising potential carry forward of unused annual allowances.

 

A personal pension is an arrangement made in your name over which you have personal control. You can alter your contributions, suspend them, or stop them completely. 

 

Under current legislation, you will be eligible to take 25% of your accumulated fund tax-free when you retire, the earliest age being from 55. There are a range of options when you decide to take benefits such as purchasing an annuity or via a pension decumulation product.

 

Personal Pensions usually offer a range of investment mediums to suit your attitude to investment risk, and you can change your investment at any time. 

Stakeholder Pensions

Stakeholder pensions are similar to personal pensions but have their charges capped at 1.5% for the first 10 years reducing to 1% thereafter. Whilst Stakeholders are generally considered a little cheaper than Personal Pensions, investment choices may be restricted.

Self Invested Personal Pension (SIPP's)

In recent years the pensions industry has become more advanced in terms of the flexibility of investments available and the structure of the actual pension arrangements. 

 

It is an area of constant change and you should consult your adviser regularly to make preparations for a secure and enjoyable retirement. 


Self-Invested Personal Pensions (SIPPs)
 

A Self Invested Personal Pension (SIPP) is a tax-efficient wrapper within which a wide range of investments can be held. A new SIPP must appoint a scheme administrator, usually the recognised product provider. SIPPs have the same tax benefits and regulations as conventional personal pension plans but you and / or your advisers have control over the investment choice - each SIPP is unique to the individual. Otherwise, it operates in the same way as a conventional personal pension in respect of contributions and eligibility, for Her Majesty's Revenue & Customs (HMRC) purposes. 


The complex nature of a SIPP means that it is not suitable for all investors. Often, the benefits of 'self-investment' are only advantageous to people with very large funds and / or investors with some level of sophistication when it comes to investment decisions. Often, there are additional charges for arranging and dealing within a SIPP and these charges would erode smaller funds quickly. 

 

The benefits of using a SIPP include being able to invest in: 

  • Stocks and shares listed or dealt on an Inland Revenue recognised stock exchange, including AIM

  • Stock exchanges that are not recognised by HMRC, e.g. OFEX. 

  • Unit trusts, open ended investment companies (OEICs) 

  • Warrants, covered warrants 

  • Government stock and fixed interest stock 

  • Unquoted shares 

  • Commercial property 

  • Property funds 

 

We will be able to provide more details and make a recommendation based on your own circumstances.

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