THE GUIDE TO... Additional Tax Planning Strategies
Beyond pensions, we help clients explore other tax-efficient strategies: 1. Utilising ISAs for Tax-Free Income
• ISAs provide tax-free growth and withdrawals, complementing pension income.
• Contributions aren’t subject to income tax or capital gains tax.
2. Managing Capital Gains Tax (CGT) Efficiently PENSIONS
Planning for retirement requires careful consideration of pension contributions and tax efficiency. At Beever and Struthers, we believe a well-structured pension and tax plan helps individuals achieve financial security while minimising tax liabilities. That’s why we work with our trusted partners, Pareto Financial Planning Ltd (Pareto), to provide tailored retirement solutions.
Our tax specialists collaborate with Pareto’s financial experts to ensure clients have the right strategies in place for a secure future.
Maximising Pension Contributions
• Regular contributions build a strong retirement fund.
• Workplace pensions often include employer- matched contributions.
• The Annual Allowance (£60,000) limits tax-free contributions.
• High earners should be mindful of the tapered annual allowance (as low as £10,000).
• Staggering asset sales to use the CGT exemption (£3,000 for 2024/25) can reduce liabilities.
AND RETIREMENT
FINANCIAL PLANNING FOR YOUR FUTURE
• Carry-forward rules allow use of unused allowances from the past three years.
• Self-employed individuals should explore private pensions to maximise savings.
Tax Benefits of Pension Contributions
• Contributions benefit from tax relief at the individual’s marginal rate.
• Up to 25 per cent of a pension can be withdrawn tax-free at retirement.
• Higher-rate taxpayers may access additional tax relief opportunities.
Managing Pension Withdrawals Efficiently
• Flexible Drawdown: Controlled withdrawals help manage tax exposure.
• Annuities: Provide a guaranteed income but with less flexibility.
• Tax-Free Lump Sums: Up to 25 per cent tax-free, with the remainder taxed as income.
• Phased Retirement: Gradual withdrawals can improve tax efficiency.
beeverstruthers.co.uk
By Ann Bibby, Tax partner, Beever & Struthers
• Investing in tax-efficient vehicles such as EIS or VCTs can provide further relief.
How We Help Our collaborative approach ensures:
• Optimised Savings: Maximising pension contributions within tax-efficient structures.
• Minimised Tax Liabilities: Strategic withdrawals and allowance use to reduce tax burdens.
• Long-Term Wealth Preservation: Protecting and transferring assets efficiently.
Effective retirement planning is key to long-term financial security. By making tax-efficient contri- butions and planning withdrawals strategically, individuals can ensure they have the funds needed for a comfortable future.
Contact Us
For expert advice on retirement and tax planning, contact us today and let us help you build a secure future.
www.beeverstruthers.co.uk
Let us help you build a secure future...
Manchester Blackburn Birmingham London LANCASHIREBUSINES SV
IEW.CO.UK
Planning for retirement requires careful consideration of both pension contributions and tax efficiency. At Beever and Struthers, we believe that a well-structured pension and tax plan helps individuals achieve financial security.
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