The Retirement Imperative – GBI Yearbook 2017
- On October 4, 2017
- By GrowthInvest Admin
The Retirement Imperative: Tax Efficient Investing For Later Life
GBI Magazine have released their annual Yearbook for 2017, and we are delighted that Daniel Rodwell, Managing Director here at GrowthInvest, is featured in the Yearbook discussing the use of EIS in Retirement Planning
‘Planning for retirement is one of the greatest challenges we now face because there are multiple unknowns we need to consider.
We don’t know how long we are going to live for or what state our health will be in; we don’t know the long-term state of the economy or what the impact of inflation might be; we don’t know the complete impact of Brexit and so much more.
Pension changes are fuelling interest in alternative investments, and there is a growing number of investors who have already, or are well on the way to, breaching their lifetime pension allowance.
To quickly revisit some of the key figures on pensions allowances: there is now a lifetime allowance limit of £1 million for all holders of registered pension schemes, amounts over this level are subject to tax, and will not receive pension relief. The government has also introduced an annual allowance cap on what you can contribute to a pension scheme of £40,000, which is directly linked to an individual’s pre-tax earnings. For higher earners, there is now an annual allowance taper that reduces their annual allowance by £1 for every £2on a salary above £150,000. This tapering reduces the annual allowance down to a cap of £10,000 for those earning £210,000 in gross taxable salary.’
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