​PENSIONS
Saving for retirement with a pension is really important. It means you'll have money set aside for when you stop working, so you can enjoy life without worrying about finances. Starting early is key because it gives your savings more time to grow, especially if your employer adds money to your pension too. Pensions offer significant tax advantages for saving. You receive tax relief on your contributions at your marginal rate, and funds grow tax-free until retirement.
Choosing the right pension type can be a daunting task, given the multitude of options available and the complexity of information involved. Our aim is to simplify your choices, whether you're at the beginning stages of planning or nearing retirement.
The team at Ken Regan Financial Services Ltd offers a wide variety of pension plans & pension advice. Our goal is to make the process stress-free and seamless, offering assistance no matter your needs. We're here to help you achieve your retirement goals. Speak to one of our expert pension advisors today.
PERSONAL PENSION PLAN
A personal pension is a pension plan owned by you, held in your name. A personal pension is a retirement savings plan that allows you to make contributions on a regular or one-off basis. Your contributions are then invested with the goal of building a pension pot that will provide you with an income in retirement.
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As a flexible option for those who are self-employed or without access to a company pension scheme, a personal pension can help you secure your financial future.
PRSA
A personal retirement savings account (PRSA) is a dedicated account for saving towards retirement. It is a pension plan that you own personally, allowing you to save for retirement according to your preferences. You have the flexibility to decide the frequency and amount of your contributions.
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It enables individuals, including self-employed individuals, employers, and employees, to build a pension fund for retirement.
​EXECUTIVE PENSION PLAN
An executive pension is tailored to assist employees, company owners, or directors in saving for retirement. Both employees and employers can benefit from tax relief on their contributions. As a busy self-employed person, it’s easy to put pension planning to the back of your mind, but failing to set up your own pension plan can leave you in a precarious financial position come retirement.
PERSONAL RETIREMENT BONDS (PRB)
A Personal Retirement Bond (also known as a Buy-Out-Bond) is an individual pension bond established in your name. It’s a pension policy that receives a single contribution. It allows you to maintain control over your pension and enjoy the flexibility of choosing where and how to invest your funds. Have you recently changed jobs or exited a pension scheme? Did you know that the funds within your pension can be transferred into a bond that you personally own and have full control over? This bond can provide benefits to you upon retirement and is known as a Personal Retirement Bond.
AVC
Additional Voluntary Contributions, or AVCs, are extra contributions you can make in addition to your existing company pension. Maximize your company pension savings with Additional Voluntary Contributions. AVCs offer the opportunity to save extra for your pension, whether you're starting late or have surplus funds to set aside. You can claim tax relief against AVCs, subject to revenue limits. Consider AVCs to boost your pension savings.
​REDUNDANCY ADVICE
In the event of redundancy, it's crucial to comprehend all available options regarding the taxation of your redundancy pay and the impact on your pension. Navigating a redundancy situation requires a clear understanding of the above. Ken Regan Financial Services Ltd is here to provide the guidance you need during this challenging time. We will ensure you receive exactly what you are entitled to with minimal fuss.
