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Pensions and Retirement Planning

What does being ‘retirement ready’ look like for you?

For many of our high-net-worth clients, retirement represents not just an end, but a beginning. A new chapter of freedom, flexibility and purpose. We’re here to help our clients define that vision and ensure they are financially equipped to live it.

A clear path to financial freedom

One of the most important steps on the journey to financial freedom is the accumulation of a substantial pension fund. We help our clients make full use of available tax allowances, designing bespoke retirement strategies which are tailored to their unique goals and circumstances. We focus on ensuring you can enjoy life on your terms—whether that means continuing to work out of passion or enjoying full financial independence.

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A retirement strategy that works for you

Retirement planning has become increasingly complicated for high-net-worth individuals. But with the right guidance, it doesn’t have to be overwhelming. We create specific wealth management strategies that match your individual aims, objectives and circumstances, that utilise not only a range of pension structures but also make use of other tax allowances, including:

  • Strategic use of ISAs and general investment accounts for capital growth under favourable tax regimes
  • Advanced tax-efficient investment options like EIS, SEIS, and VCTs for those with a higher risk appetite.

Our independence means we have access to the whole of market to find the best solutions for your needs.

Freedom and flexibility – on your terms

Our approach gives you the freedom and flexibility to retire how and when you choose. We focus not only on building your retirement wealth, but on the tax-efficient release of income during retirement—so you can spend your time doing what matters most, with the confidence that your finances are working for you.

Retirement is a team effort

Whether you’re self-employed, a business owner, company director, or executive, we’ll work alongside you to shape your ideal retirement. We advise on a wide range of pension arrangements including:

  • Self-Invested Personal Pensions (SIPPs)
  • Small Self-Administered Schemes (SSASs)
  • Income drawdown strategies
  • Cashflow management
  • Inheritance Tax planning

Together, we’ll help build a comprehensive, long-term plan which  supports not just retirement—but your life goals.

Navigating pension freedoms

Since the introduction of pension freedoms legislation in 2015, individuals now have greater flexibility in how they access their pensions. From age 55 (rising to 57 in 2028), you can draw from Defined Contribution (DC) plans with freedom and choice. Our role is to help ensure this flexibility is used wisely—to accelerate your financial freedom and make retirement a choice, not a necessity.

Most recent changes

The Lifetime Allowance (LTA) was abolished with effect from 6 April 2024.

Historically, the LTA capped the amount of tax-relieved pension savings an individual could accumulate over their lifetime without incurring additional taxes.

Starting from 6 April 2024, this cap was replaced by two new allowances:

  1. Lump Sum Allowance (LSA): limits the total amount of tax-free cash an individual can receive within their lifetime to a maximum of £268,275 (The LSA may be more than this if they hold a valid lifetime allowance protection or lump sum protection).
  2. Lump Sum and Death Benefit Allowance (LSDBA): £1,073,100 (The LSDBA may be more than this if an individual holds a valid lifetime allowance protection).

The LSDBA applies to the payments that use up the lump sum allowance as well as the tax-free element of serious ill health lump sums and certain non-taxable lump sum death benefits.

Implications for pre-age 75 lump sum death benefits:

Under the regime, any lump sum paid within two years of a member’s death are tax-free up to the LSDBA limit of £1,073,100 (The LSDBA may be more than this if an individual holds a valid lifetime allowance protection). The £1,073,100 is reduced by any amount withdrawn under the LSA.

Amounts exceeding the LSDBA will be subject to the beneficiary’s marginal rate of Income Tax. This applies regardless of whether the funds are crystallised or uncrystallised, simplifying the tax treatment of these benefits.

Implications for post-age 75 death benefits:

For individuals who die after age 75, the treatment of death benefits is largely unchanged. Beneficiaries will continue to be taxed at their marginal Income Tax rates, whether they receive the benefits as a lump sum, through drawdown, or as an annuity.

Beneficiary drawdown:

Alternatively, if pension funds are passed into a beneficiary drawdown pot upon the members death, pre or post age 75, then different rules apply:

Clear considered advice I trust for my future wellbeing
Partner, Magic Circle Law Firm

For further information on how we can help you build and protect your wealth, please contact us.

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