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The HMRC rules allow for a greater range of investments to be held than personal pension schemes, notably equities and property. Rules for contributions, benefit withdrawal etc. are the same as for other personal pension schemes. Another subset of this type of pension is the stakeholder pension scheme.
A personal pension scheme (PPS), sometimes called a personal pension plan (PPP), is a UK tax-privileged individual investment vehicle, with the primary purpose of building a capital sum to provide retirement benefits, although it will usually also provide death benefits.
Uncrystalised Funds Pension Lump Sums or UFPLS, is an additional flexible way to take pension benefits. Rather than move the whole fund into a drawdown arrangement, ad-hoc lump sums can be taken from the pension. Any withdrawals will allow 25% to be taken tax free with the remaining 75% of the fund treated as taxable income.
The two main sources of funds for PLF are Member-Directed Registered Pension Schemes, i.e. Self-Invested Personal Pensions (SIPP’s) and Small Self-Administered Schemes (SSAS’s). The schemes are typically devised by suitably-qualified and authorised financial advisers and implemented by experienced pension scheme administrators.
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Pension tax simplification, sometimes referred to as pension simplification was a British overhaul in 2006 of taxation rules for United Kingdom pension schemes.The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning.
The self-employed have several plan options, including defined contribution plans such as a solo 401(k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.
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