Relationship with money

Pensions for the Business Owner

Building Your Financial Health

You may/will probably have a lot of unanswered questions surrounding your Pension(s), we’d love to help you clear these up.

We will contact your existing Pension companies and prepare factual information about your plans. We then discuss the options available to you and highlight any relevant considerations.

Typically we will not levy a charge for this service, we do however request a small donation to our sponsored charity

Assuming you need and want to receive advice, we can arrange further meetings and regular reviews where required.

For more information on how we can help, or to be better informed about your pension.

Investment/Pensions for the Business owner

Where are my pensions?

As a business owner, you may have accumulated a variety of different Pensions throughout your working life.

These can be difficult to understand and potentially, there may be good reason to consider consolidation to help to assist with your financial future. Do you have the time to undertake this work as well as running your business?

You may have chosen to put money into alternative investments as well as Pensions.  These should also be reviewed regularly to ensure your money is invested correctly for the long-term and in line with your expectations.

You may want your company to pay as much into your Pension as possible to ensure your continued financial health, but it’s important to ensure you’re putting money into the right Pension for your particular needs.

What’s the maximum I can pay into my pension?

The amount you can contribute each year to your Pension depends on a number of different factors.

You will pay tax on your Pension contributions if it goes above the annual allowance – currently set at £40,000 per year (subject to earnings of this amount).

In certain circumstances, you can carry forward unused annual allowance from up to three previous tax years – This may mean that you can contribute a much higher amount, you should seek specialist advice to ensure this is possible.

You can also continue paying money into a Pension pot even after you’ve taken some out. Depending upon the detail, the annual allowance may be reduced down to only £4,000.

For those on income above £150,000, per year, you may also suffer from a reduced or “tapered” annual allowance. This means the amount you can pay in each year could be reduced to only £10,000 depending upon the total level of income you received.

Do I pay tax in retirement?

Typically, you will be able to withdraw at least 25% of your Pension pot without being taxed.

You will still have to pay income tax, if you exceed the personal allowance in that tax year. The State Pension, other Pensions and alternative incomes you receive would be added together to establish your total income. The amount of tax payable is determined by this income.

You each currently have a personal allowance of £12,500 (2019/2020 tax year) which means you can potentially receive up to that level of income without taxation.

How much is in my pension?

You can usually track your Pensions online through each individual Pension provider – however, if you want to see these all in one place, it can become a more difficult process.

You should receive a Pension statement each year and a ‘wake-up’ pack from your provider if you’re within four months of your planned retirement date this would give the value at the date it was produced. The values are likely to fluctuate on a regular basis.

Is my pension right for me?

Put simply, your Pension is personal and should be specific to your needs and requirements. It’s essential you make the right decision as it will heavily influence your standard of living throughout retirement.

Taking the time to evaluate your Pensions, carefully, is essential – this is normally made much easier with the support of an IFA. Contact Grape IFA

Where best to start?

Building a relationship with an IFA (Independent Financial Adviser) is crucial – their ongoing support will enable you to continually keep track of your savings, giving you confidence and better understanding of your future financial health.

Your IFA can make the complex more simple – translating industry terms and jargon into plain English so you can better understand and control your financial future.

How To Find Us

Number One
The Cloisters
10-12 George Road
Edgbaston, Birmingham
B15 1NP

Contact

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Grape IFA Ltd is an appointed representative of TenetConnect Limited, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Limited is entered on the FCA register (www.fca.org.uk/register) under reference 149826.
Grape IFA Ltd is registered in England and Wales under reference 8141882.
Registered office address: Fulford House, Newbold Terrace, Leamington Spa, Warwickshire, CV32 4EA. Tel: 0121 366 9272. The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.