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                Are you putting too much into your pension?
Jonathan Hayton, a Chartered Financial Planner at Canaccord Genuity Wealth Management offers some guidance...
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In a nutshell, the lifetime allowance (LTA) is the amount you can save in your pension tax free over your lifetime. It used to be £1.8m, it then went down to £1m, and it currently stands at £1.055m (for the 2019/2020 tax year) and is scheduled to rise with inflation (CPI).
Although £1.055m might seem a lot, more individuals are being caught by the limit, so it’s worth checking what your savings are forecast to reach – and if you need to take action to mitigate your potential tax liability.
How the LTA works
You can still save into your pension over the LTA limit, but there will be a tax penalty on the excess amount. The tax you pay
on the excess amount over the LTA depends on how you take this money out: if you take it as a lump sum, it will be taxed at 55%, and if you take it as income, either as drawdown or by purchasing an annuity, it will be taxed at 25%. With the latter option, any income taken would also be charged at your marginal tax rate.
Rural Cotswolds
Retreat
Luxury bespoke holiday homes nestled in
tranquil woodland.
Situated in an Area of Outstanding Natural Beauty, Winchcombe Farm offers luxurious and unique holiday homes settled in a woodland glade on a private country estate. These stunning lodges and tree house, on the edge of the Cotswolds, have become very popular with holiday makers and family groups due to their special rural location. Each property features luxury private hot tubs and raised wraparound decks overlooking peaceful woodland and fields of grazing sheep.
Will’s Tree House was architecturally designed to rest amongst four mature supporting trees, which grow through the kitchen and the raised deck. Sleeping four people, the tree house is the perfect retreat to relax in comfort surrounded by nature.
Our second property, Bob’s Lodge, is a two storey house sleeping six, with further space for two in a geodesic dome featuring a circular super king-sized bed - designed for sleeping in comfort under the stars. With a downstairs bathroom and king- sized bedroom, this property is ideal for the less mobile guests.
The Chicken Shed Lodge, our third property, is a stylish
retreat for five guests. You can immerse yourself in the natural surroundings on the wraparound veranda which is fully equipped with a hot tub, furniture, a BBQ and charcoal pizza oven.
Our new property for 2019, George’s Getaway, has recently opened. A luxurious lodge for up to 8 people, features a king size
There are things you can do. Firstly, there are ‘protection’ options you can apply for which will fix your LTA at a higher amount. This could be fixed or individual protection, depending on when you made your last pension contribution.
Secondly, there are ways to reduce the value of your pension to below the LTA, such as taking advantage of the 25% tax-free lump sum or by drawing an income. However, there are lots
of considerations around these options, including inheritance tax implications and rules such as the money purchase annual allowance. You should always consult your financial adviser on suitable investing so you can discuss and understand all the available options. The above is our current understanding of UK legislation and does not constitute as advice. Naturally all investments involve risk.
To find out more retirement planning, visit www.canaccordgenuity.com/wealth-management-uk/ or send us an email at worcester@canaccord.com.
master suite with twin freestanding baths. The family suite sleeps 4 with a double bed and twin raised beds, whilst a geodesic dome outside has room for two more.
Our private rural Warwickshire location, surrounded by a working farm, is the ideal base to create holiday memories, explore quaint Cotswold villages or visit Stratford-Upon-Avon, the birth place of William Shakespeare.
With the addition of a further property ‘Ben’s Burrow,’ opening early 2020, we will soon be able to accommodate up to
thirty three guests across five unique holiday homes, making Winchcombe Farm the ideal location for group bookings.
To book your unique stay in one of our well-appointed holiday homes from home, please call us or go to our website to check availability.
T: 01295 680190 E: jo@winchcombefarm.co.uk www.winchcombefarm.co.uk
Winchcombe Farm, Shenington Road, Upper Tysoe, Warwickshire CV35 0TH
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