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In this world of ours very little stands still. The same can be said for the pensions landscape. As high earners are faced with even more restrictions and potential pitfalls, it is vital to understand the rules and seek specialist wealth planning advice. Luckily, there are plenty of tax-efficient options available to high earners wanting to save for retirement.
Pension rule changes and financial planning might not be that exciting a topic – but, let’s face it, we are all mere mortals who are getting older and living older. This stark reality means we need to plan for a long retirement as effectively as we can. And we need to make sure our pension pots are as full of coin as they can possibly be. But how can we best plan for the future?
Many of our clients are entrepreneurs or are involved in a family business but we often find that they do not make a distinction between business and personal assets when it comes to wealth planning. Fortunately, there are many ways to safeguard your own and your business’ future security but getting the right advice is essential.
Following the UK’s most recent Budget, we revisit our Post-COVID-19 Wealth Planning Guide on tax to look at just how the changes announced could affect you, as well as the potential for more changes to come.
There is a limit to how much you can save into your pension tax-free over your lifetime, known as the lifetime allowance (LTA). It’s been controversial because the government has steadily reduced the limit down from £1.8m in 2012 to its current level of £1,073,100.
Head of UK Financial Planning, David Goodfellow outlines what you should be doing now to make sure that you are well prepared for the new tax year starting 6 April 2021.
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IMPORTANT: Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance.