All You Need To Know About HMRC Pensions

Updated 25 June 2020
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Types Of HMRC Pensions And Their Benefits

There are a variety of HMRC pensions that are designed to match your specific lifestyle and business circumstance. Because of the tax rules changes for UK registered schemes, plan holders can now choose the one that will give them freedom and flexibility to deal with different types of investments as well as how they want to enjoy their retirement fund.

For business-savvy owners and directors, it is important to know about the different HMRC pensions1  that can lead to better investment opportunities and maximum growth potential of their assets and properties. HMRC Pensions plans are geared towards profit-driven individuals but can also suit regular employees depending on his/her keen eye for business. Make sure you don’t miss our detailed article about QROPS pension plans. It will help you make the best decision for your retirement.

Executive Pension Plan (EPP)

This is also known as a defined contribution occupational pension plan. EPP is geared towards company employers and owner directors of small businesses. Like other HMRC pensions, it has the same rules for contribution limits, tax relief, and tax-free lump sums. Both the employer and the employee make contributions to this plan. If you want to read more about all the pension rules – make sure you check the information we have on our website!

  • Contributions by the company are free from corporate tax
  • No income tax paid on the contributions
  • Contributions can be increased or decreased depending on the financial situation of the company
  • Tax free funds excluding UK dividends

Self Administered Scheme (SAS)

This occupational scheme is available for controlling directors of companies or most members of a small family-run limited business. Find Out More About UK Pensions.

  • It is different and more attractive than conventional plans because it encourages plan holders to invest heavily in different types of assets and properties.
    It does not restrict plan holders to insurance funds or stocks and shares only
    Plan holders can borrow up to 50 per cent of their fund’s total value to acquire assets and properties
  • Contributions made by the employer are not liable to National Insurance

Self Invested Personal Pension (SIPP)

This personal scheme gives total freedom for the plan holder to deal with any HMRC regulated investments.

  • SIPP3  income is tax free
  • SIPP growth is free from capital gains tax
  • Plan holders can deal with assets and properties both onshore and offshore.

Don’t miss our great article about the eligibility and benefits of an Overseas Pension. It’s important to receive recommendations from the best pension adviser in the business! Luckily for you, we have one!

John lawson rndlg

John Lawson

John advises business, individuals, and organisations on pension planning. As you’ve probably realised by now, we’re invested in helping people like yourself understand a little bit more about how equity release options work.

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