| There
are 3.2 million self-employed people in the UK and,
according to the Federation of Small Businesses (1999),
nearly 50% of them have no private pension of any kind.
Making some kind of provision for retirement is vital
for everybody and, if you are self-employed, the earlier
you start the better.
Personal pensions
The current generation of the UK's self-employed
population simply has no choice but to plan for their
old age. Private pension provision is the main option
for anyone who wants to enjoy a financially comfortable
old age. If you are self-employed, a personal pension
is a must and is a very tax-efficient method of saving
for your retirement years, as the Government allows
tax relief on your pension contributions at your highest
rate of tax.
A flexible future
Most modern personal pensions offer flexibility
and, with the imminent arrival of stakeholder pensions,
they must not materially disadvantage the investor
in the event of early transfer. You have the choice
to decide when you wish to take your pension at any
age between 50 and 75. There is currently no stipulation
that you must retire when you take an income. Another
benefit available is access to 25% of your fund, which
you can take as a tax-free lump sum from the age of
50. If you were to find yourself in a situation where
you did not want to retire but still required additional
income, you could defer buying an annuity and take
advantage of phased retirement or income drawdown.
Modern personal pensions also allow you to stop and
start your contributions without penalty.
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If you
would like to discuss the pension options available
to you, please E-mail
, use our pension
request form, or contact us on 08000 151613
today
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| The past
is not necessarily a guide to future performance.
Levels and bases of, and reliefs from, taxation
are subject to change. Tax reliefs referred to
are those currently applying and their value depends
on the circumstances of the individual investor
and fund in which the investor participates. The
value of the units in these investments, as well
as the income from them, can fall as well as rise.
These investments are intended as long-term investments.
If you withdraw from these investments in the
early years, you may not get back the full amount
invested. |
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