Personal Pension
A Personal Pension is a tax-efficient way to save for retirement. The money you pay into a personal pension scheme is invested, building up a pot of savings for when you retire. This pension plan is suitable for individuals who are self-employed or those looking to supplement their workplace pension.
How It Works
With a personal pension, your contributions are invested across a range of funds, and the value of your pension grows based on the performance of these investments.
The money you contribute benefits from tax relief on eligible contributions, meaning that Income Tax you would normally pay is instead directed towards your pension fund, helping your savings grow more efficiently.
When you’re ready to retire, you can take a portion of your pension savings as a tax-free lump sum (usually 25%) and use the rest to provide a flexible income through a Drawdown Plan or as an annuity. This gives you the flexibility to manage your retirement income in a way that best suits your lifestyle and financial needs.
Key Benefits
- Tax Efficiency: Personal pensions offer valuable tax relief on eligible contributions, allowing you to grow your retirement savings more effectively.
- Investment Growth: The money you contribute is invested, giving it the potential to grow tax-efficiently over time.
- Flexible Access: When you retire, you can access your savings flexibly through a Drawdown Plan, take a lump sum, or purchase an annuity.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may 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. Tax relief is dependent on individual circumstances.
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