Pensions
A smart approach to retirement planning
Prepare for the post-work future you want today
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How do pensions work for those without a paycheck?
While most people don’t even notice their pension contribution being deducted from their wages every month, things are different for independent professionals. You need to make sure you’re putting enough away to cover your desired retirement standards while making decisions about where your money goes and how hard it works too.
Save for retirement while saving tax
The good news for contractors and company directors is that pensions provide a great way to achieve significant tax breaks. By deducting your pension investments from your pre-tax income, you can enjoy tax relief as well as avoid national insurance contributions.
A pension is a crucial aspect of financial planning to get right, especially for contractors and company directors. For that reason, we ensure we know your circumstances inside out to recommend the best and most tax-efficient approach.
We work exclusively with Arun Sahota at the Fairstone Group. Arun is one of the UK’s most senior financial services professionals. Having started his career in a boutique wealth management firm concentrating on Ultra-High Net Worth families, he has run his own business via partnership with the Fairstone Group for the last 7 years.
Arun advises the ultra high net worth market, as well as PAYE earners and contractors – both inside and outside #IR35. He has a particular specialism in pensions and inheritance tax planning, and regularly provides training in tax planning to the accountancy and legal sectors. He will take into consideration your earnings, expenses, existing investments and retirement aims to tailor a package that meets your precise needs.
All statements concerning the tax treatment of products and their benefits are based on our understanding of current tax law and HM Revenue and Customs’ practice. Levels and bases of tax relief are subject to change.
Unlock peace of mind with pension planning
Pensions are already complicated for those with day rates and contracts. Take the pain out of pension planning so you can be sure the money you invest is working as hard and as tax efficiently as possible, allowing you can stay focused on your business.
Find out moreFAQs
Why have we partnered with Arun Sahota at Fairstone?
Fairstone usually charge an initial fee of 3% of the first £500,000 invested, followed by an annual ongoing advice fee of 1% per annum.
However, Broadbench clients can benefit from an exclusive offer, not based on any minimum investment values. They charge a flat £1,000 sign-up fee. This is a real win-win as it means you get the very best advice and expertise for a significant lower cost.
What is pension drawdown?
Flexible income (drawdown) is a regular income that you can stop, start or change at any time.
What is a SIPP?
Self Invested Personal Pension is a type of plan that allows you to save tax-efficiently and invest for your retirement in wide range of investment options.
What happens to my pension when I die?
The benefits payable on death depends on the way you have chosen to take your retirement benefits.
If your beneficiaries have the option to inherit your pension pot and access the funds flexibly (also referred to as adjustable income) we would recommend that they seek Financial advice. There’s likely to be a charge for this.
How much should I put in my pension?
The amount you invest depends on your own circumstances, discuss this with your financial adviser.
Do I need to pay tax on my pension withdrawals?
You can usually take 25% of your total pension savings tax free. Any withdrawals you make beyond the 25% is subject to income tax.
It may seem like an easy decision to withdraw 25% of your pension pot because it’s tax free. However, as your pension is there to fund your full retirement, it may be a good idea to think about whether you need to take it all in one go. Any money you leave invested has the potential to grow, so if you don’t need all the money right now, simply take what you need. You can always take more whenever you need it.