Pensions in UK Wealth Planning

Pensions in UK Wealth Planning

The provision of pension advice is probably the most complex area for wealth management firms and clients to get right. Navigating the world of pensions requires advice when initially setting up pension arrangements. as well as ongoing review and additional advice as rules change and the client's personal situations evolve. Join Faisal as he talks us through the more complex wrappers: Pensions
Overview

There is a major incentive for high net worth individuals (HNWI) to invest in pensions, as tax relief is provided at the time of investment. Pensions investments are made gross of income tax, rather than net of income tax like other investment vehicles. This makes them a useful vehicle to help mitigate the higher tax brackets for high earners. There are multiple ways that pensions can be sourced, such as through the government/state, employers or private provisions sourced by the client themselves. Wealth managers focus mainly on the provision of private pensions, in the UK these are usually referred to as Self-Invested Personal Pensions (SIPPs).

Key learning objectives:

  • Understand the types of pensions available in the UK

  • Understand why Self-Invested Personal Pensions (SIPPs) are are a focus for wealth management firms

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