We look after your pension needs allowing you to do what you do best.
Members of a SIPP may have other pension arrangements; for instance, personal or stakeholder pensions, or employer sponsored occupational schemes. We can accept transfers from Final Salary arrangements, however this can be quite complex and we would suggest you seek the relevant advice in this regard.
The SIPP will accept transfers of these previously accumulated pension schemes, thus becoming assets of the SIPP. This is typically one of the first tasks undertaken to provide initial funding for the scheme.
However, certain important factors must be taken into account. For instance, a transfer penalty may be applied, guaranteed annuity rights may be lost, or spouse’s / dependant’s benefits may be lost.
There could be other costs and loss of benefits unique to the particular proposal., however, your adviser will fully research your existing portfolio and make you aware of any issues.
Contributing into a SIPP is extremely tax efficient. Contributions to SIPPs, unlike bonuses, dividends or benefits, are not subject to Income Tax or National Insurance Contributions – but do qualify for Corporation Tax Relief.
There is no limit to the amount that scheme members and employers may contribute. However, restrictions do apply to the level of tax relief that will be granted.
In addition, there are certain restrictions regarding the total fund value that may be accumulated. This is known as the Lifetime Allowance.
This information reflects the regulatory and taxation situation as it affects pensions at the time of publication in April 2017 and is provided to the best of our knowledge. It is not a complete representation of the pensions legislator landscape and is for guidance and information purposes only. We cannot be held responsible for any errors, omissions or subsequent legislative changes.
For further information on your pension scheme administered by Morgan Lloyd, or any enquiry, please do not hesitate to call and one of our team members will be happy to helpView more