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David's story

Creating a personalised pension plan

About David

David is single and runs his own oil industry consultancy. His income and assets comprise:

Issues identified by his Private Banking and Advice Manager:

  • David had taken voluntary redundancy recently and set up his own consultancy. This has been an extremely positive move and the consultancy is going from strength to strength.
  • David’s accountant had advised him to pay himself through a combination of a low salary,£8,000 and dividends of £90,000.
  • David particularly wanted to look at his pension provision. He had a small personal pension plan as well as a final salary pension through his last employer.
  • David wanted to retire at 60, so wanted to put something in place that would help him realise this.
  • David expects to need a retirement income of the equivalent of £60,000 per year in today’s terms.

David’s Private Banking and Advice Manager took the time to analyse his individual circumstance and goals. His pension and business account were also all reviewed.


Recommendations

The Private Banking and Advice Manager recommended transferring his existing personal pension into a new personal pension scheme. It was pointed out that the overall charges David had been incurring on his existing scheme were pretty high. The new scheme has a much wider range of investment funds, is more flexible and has lower ongoing charges. David could personally contribute up to £64,000 each year and the contributions his company could make will be less stricted.

David’s company should also be able to claim the contribution it made as a business expense, saving corporation tax.

Finally, his Private Banking and Advice Manager advised David to leave his final salary scheme as it was, as it would provide a guaranteed level of income in the future.

Outcome
  • More structured pension arrangement in place to help realise retirement ambitions.
  • Plans better complements to David’s new career circumstances. 
  • More tax efficient. 
  • Potential corporation tax savings for David’s company.


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