The Harsant Self Invested Personal Pension (SIPP) is for individuals looking to plan for their retirement in a way that offers complete control and flexibility. Plus, you can benefit from significant tax relief as soon as you start saving. A SIPP may not be suitable for all investors, Harsant therefore recommends you consult a financial adviser who will assess the suitability of a SIPP to meet your personal circumstances.
Control
With the Harsant SIPP you are in control both in terms of your investment opportunities and retirement options. Investment decisions are in your hands and, with the help of your financial adviser, you can choose how you invest your funds. Commercial property, stock and shares, investment trusts – are just some of the possible and permitted investment available for you to choose.
And when the time comes to withdraw your money for retirement, you are still in charge. How you choose to draw your benefits, the option to take a lump sum, the decision and timing of purchasing a lifetime annuity - it's all up to you.
Flexibility
The Harsant SIPP is your scheme and it will be yours for life. It does not require a commitment to continue making regular payments into your pension fund and there is no penalty if you stop saving. This gives you the flexibility to adjust your scheme around your life. If your circumstances change and you find you can't continue to contribute then the option is there to stop payments - you can always start them up again whenever you choose. Equally, if you want to pay in a lump sum, or increase the payments for a while, then the Harsant SIPP gives you the flexibility to do that too.
Tax relief
The Harsant SIPP will open up significant tax advantages with tax free growth on investments and tax relief on contributions. If you pay tax on your earnings, 20% tax relief is given on all your personal pension contributions, in other words; for every £80 you personally pay into your SIPP the Government will add a further £20 into your pension. For those paying a higher rate of tax but with an income of less than £150,000 gross per annum, you can reclaim a further 20% tax relief from the Government which is paid to you personally.
Important Notes:
- Tax Risk:
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HM Revenue & Customs (HMRC) practice relating to pension legislation and, in addition the treatment of personal taxation is subject to change. Any changes, including changes to your own personal circumstances, may affect the pension income you receive from your SIPP and entitlement to tax relief on contributions.
You should seek appropriate taxation advice specific to your circumstances, before proceeding.
- Capital Risk:
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The value of your SIPP is the value of the investments held within it. Investment values can go down as well as up and may therefore be worth less than the amount you invested initially.
