Pensions are powerful tax shelters, so in other words you get tax free contributions into your pension pot, and any growth in your pot is free from capital gains tax or any other taxes.
In the current tax year, you as a UK tax resident is able to contribute up to £40,000 per annum into an approved pension pot, tax free.
But what about retirement planning and taking your money out of your pension scheme, tax efficiently?

🌏 The Top 3 Ways to Get Tax Relief on Your Pension Contributions → [ Ссылка ]

🌏 Accounting & Tax Academy Free Membership Site → [ Ссылка ]

⏱️ Time Stamps:
0:40 - A refresher on how to get tax relief on your pension contributions
2:37 - Flexi access drawdown
4:29 - (UFPLS) Uncrystallised funds pension lump sum
5:28 - (MPAA) The money purchase annual allowance
6:15 - How can small Ltd Co business owners take a loan from their pension pot?
7:48 - Lifetime annuities and taxation

If you want my & my team's expert accounting and tax help, you can book a discovery call through our website → 🌏 [ Ссылка ]

There are in effect 2 common ways you can drawdown from your pension, that is of course once you’ve reached the minimum retirement age, which is currently 55.

★ Firstly, you can take a lump sum of up to 25% tax free.

☆ And secondly you can buy what is called an annuity, in other words a regular income for the rest of your life.

Up until recently the amount of money you could withdraw from your pension was tightly controlled by the government and legislation, but you now have more freedom as to how you can manage the drawdown of your pension.

Historically the most common option in retirement planning and accessing your pension pot money was buying what is known as an annuity. In other words, you essentially use your pension pot to buy a guaranteed lifetime income. In the video, we explain this in more detail using a numerical example.

But now you have mechanisms like (UFPLS) Uncrystallised funds pension lump sum and flexi access drawdown, that help you to access your pension funds, in a tax efficient manner.

We hope this video helps you understand the different options as to how you can access your pension money and taken you one step closer to knowing your numbers.


★☆★ OUR MISSION ★☆★
Me & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success.

★☆★ OUR PHILOSOPHY ★☆★
If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most.

🔴 DISCLAIMER
Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement.

#retirementplanning #pensions and taxes

свернуть