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Reviews and Ratings for Financial adviser Matthew Duncan, Derby

Invest Southwest are an award winning Independent Financial Advisers that offer pension advice .

We are FCA approved and offer a free initial consultation to establish your needs. If we can help with any of your needs do not hesitate to contact us on 01934 310653

What is a pension?

Savings for your future or making the right decision at retirement has never been so important.  So what is a pension? A pension is a tax efficient 'wrapper' with the specific purpose of securing an income for you when you stop working and reach retirement age. The government wants to encourage us to support ourselves financially in retirement and provides incentives to save in the form of tax advantages.

Key benefits

Tax relief on contributions

UK residents can enjoy basic rate tax relief of 20%. Higher rate taxpayers are entitled to an additional 20% tax relief via their self-assessment and additional rate tax payers an extra 25%.

A homemake with no income can contribute up to £3600 per year (Including tax relief) without any income, whilst current everyone else who have not taken income benefits from their pensions, can contribute their earnings of £40,000, whichever is the lower of the two. Special rules apply if you earn over £150,000.

No capital gains or income tax

Investments within the pension grow free of capital gains tax and income tax.

Provision for others

For example, a grandparent might contribute £2,880 on behalf of a grandchild, worth £3,600 after basic rate tax relief.

No inheritance tax

If you die before taking your retirement benefits,you can normally pass the fund to your chosen beneficiaries free of Inheritance Tax.

Taking benefits

You can access the money in your pension from the age of 55 moving to 10 years below state pension age.

The pension advisory service has useful website with basic information about pensions . We however believe that most people would benefit from professional financial advice to ensure they make the right choices for their retirement.

Contact us for a FREE initial consultation