Personal and Stakeholder Pensions

Personal Pensions represent a popular and attractive way of saving for your retirement.

All monies invested into your fund grow free of Capital Gains Tax, and the contributions you make are enhanced by Income Tax relief at source. For example, if you invest £80, the government adds on tax relief (currently 20%) to enhance your contribution to £100. If you are a higher rate taxpayer, you can claim additional relief through your PAYE coding. An Annual Allowance of up to £40,000 is available as well as the possibility of utilising potential carry forward of unused Annual Allowances.

A personal pension is an arrangement made in your name over which you have personal control. You can alter your contributions, suspend them, or stop them completely. Contributions are restricted to £4,000 under these plans where an individual has already flexibly accessed any income under another money purchase plan.

You will be eligible to take 25% of your accumulated fund tax-free when you retire, the earliest age being from 55. There are a range of options when you decide to take benefits such as purchasing an annuity or electing capped or flexible drawdown.

Personal Pensions usually offer a range of investment mediums to suit your attitude to investment risk, and you can change your investment at any time.

Stakeholder pensions are similar to personal pensions, but have their charges capped at 1.5% for the first 10 years, reducing to 1% thereafter. Whilst stakeholders are generally considered a little cheaper than personal pensions, investment choices may be restricted.

Pensions are a long-term investment. You may get back less than you put in. Pensions can be and are subject to tax and regulatory change therefore the tax treatment of pension benefits can and may change in the future.

What our clients say about us

“Colin Henshaw has been our financial advisor for more than 15 years, so he knows us and our financial needs in great detail.  We consider him a friend too.  When he started Berry Wealth Management we were eager to have him continue in this role.  At Berry Wealth Management, Colin has assembled a superb team of people with great financial acumen, professionalism and compassion.  They take their time to get you know you, your family, your financial needs and worries. Their financial advice has been stellar, furthermore, it is great to see that the company is investing in a secure financial IT infrastructure, so that now I can access the team securely via my own personal financial portal.  This portal allows us to send and receive financial documentation securely from the comfort of our home.  This has been a boon during the COVID pandemic.  Hand on heart, we can sincerely recommend Berry Wealth Management.”

~ Paul Donnelly

 

“My relationship with Berry Wealth Management – approaching and post my retirement – has proved to be extremely positive and highly productive in pursuit of my financial goals. The Berry team are utterly professional, reliable and trustworthy. Their financial awareness and judgement is always impressive ; their research on my behalf has been forensic, and their selection, performance tracking and management of investment organisations is consistently thorough and extremely demanding. I am delighted that I engaged their services.”

~ Michael & Catherine Furlong

 

“I have been very pleased with the level of knowledge and experience of Berry Wealth Management. They take the time to really get to know their clients, which gives me every confidence that my financial goals are understood. They regularly provide updates, and have always been available to answer any questions or to explain options within my portfolio. Transitioning into retirement has been much more comfortable thanks to their help and guidance.”

~ David Leaney

 

“We have been advised by Colin for the past nine years. During this time, we have been extremely pleased with the indepth advice. The frequent reviews have helped us make some excellent, well-informed financial decisions. Colin has always attached an excellent element of professional tax-efficient advice coupled with caution that has comforted us in many ways. We wish that we had met Colin earlier, as we would have enjoyed more longevity of first-class financial planning advice.”

~ Keith & Joanne Hobbs

 

“Colin has been our financial adviser for nearly two decades, he has always offered a consultative approach to financial advice, and this has most definitely enabled Elizabeth and I to retire earlier. Colin also has a good selection of contacts for other areas where advice might be required, and having a trusted source for such recommendations has been invaluable. I do not like the larger companies’ impersonal approach and feel we are valued customers of Berry Wealth Management.”

~ David & Elizabeth Donnelly