Pension Advice / adviser London Central, City, West End, Mayfair...

Advice on pensions is essential if you want to make the most of your pension in London.

If you already have a  plan check out Facts & Figures' Pension Performance Review Service.

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Investment in a pension is the most tax effecient form of savings generally available to London taxpayers. Pensions benefit from:

• Top slicing income tax relief on pension contributions. i.e. relief at the highest rate paid
• Largely tax free growth in fund
• 25% of the fund may be taken as tax free cash on retirement

The remaining 75% of the fund must be drawn as income; but compare the benefits of pension tax relief with say ISA's after just one year. The effect is compounded over the longer term. Take independent financial advice.

Personal Pension Plans are personal to the individual member who controls how much is contributed, where monies are invested and when & how benefits are taken. Tax breaks are so generous that the government imposes strict limits on contribution levels.

To credit your pension with a gross contribution of £1,000 you only need to pay in £800 as the HM Revenue & Customs will provide an income tax rebate of £200 and pay this directly in to your pension to make it up to £1,000. Higher rate taxpayers can claim a further 20% rebate via their tax return, so investing £1,000 in your pension fund will only cost you £600 of your own money. However this higher rate relief will be tapered down to basic rate relief for those earning over £150,000 per annum from April 2011. Those that have no income can still contribute a maximum of £3,600 gross per annum. That is you put in £2,880 and the Revenue will put in £720.

Once a contribution to a pension has been made the money cannot be accessed until you are aged 55. If you are under the age of 75 and a UK resident you should be eligible to contribute in to a pension. You are able to invest all of your earnings, up to a maximum of £50,000 into a personal pension. Since 2006 there has been no limit to the number of pension plans you can contribute to so long as the overall maximum amounts are kept to.

There is a limit to the overall size of your pension assets that is allowed -the lifetime allowance. This is £1.5 million in the 2011/12 tax year. If your total pension assets are close to or already exceed this limit, or may do once a contribution has been made then it is important that you seek expert independent advice on this matter before taking any action.

Facts & Figures are pensions experts, follow the links on the left to find out more or Contact Us for further advice.

Pension Advice London | Pension Advice Mayfair

Pension Advice City| Pension Advice West End

Equity Release Advice London