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Simple Low Cost Option

Simple Low Cost Option

Jennifer is 42 and self-employed. She has had a very profitable year and wishes to make a lump sum contribution into pension to offset against her tax liability and improve her retirement funding.

Client Circumstances

  • Wishes to make £30,000 gross single contribution
  • 40% tax payer
  • Various older and highly charged private pensions
  • Too much paperwork
  • Wants simple arrangements
  • Wants little ongoing involvement

Recommended Solutions

  • Make contribution to new low cost stakeholder pension
  • Consider, if appropriate, consolidation of older plans into new Stakeholder pension

Benefits from advice given

  • New, low cost, arrangement
  • 20% Income Tax relief at source
  • Further 20% Income Tax relief via tax return
  • Minimal paperwork and administration
  • Potential to reduce cost of older plans if consolidated

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Future Servicing

We will look to carry out a regular review of your circumstances, objectives, needs and portfolio performance to ensure all arrangements continue to be suitable and advise of any changes that may be appropriate.

This example is for illustrative purposes only, based on current legislation and tax allowances. Tax rules and regulations are subject to change.

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