Contractor Pensions

(3 minutes to read)

This guide has been provided by Scottish Widows to Contractor Umbrella to explain our umbrella Group Personal Pension Plan. In issuing the guide, we are not providing advice on the suitability of this arrangement for your personal circumstances and are not advising you on whether or not you should join.

If you are unsure as to whether or not membership of this scheme is suitable for you, you should seek your own independent financial advice. In this document we will cover:

  • What we mean when we say
  • What’s in it for me?
  • What’s best for me?
  • Why contribute?
  • What are the charges?
  • How will my pension be invested?
  • Want to take a more hands-on approach to investing your company pension?
  • Changing your investment choice later on
  • Why your company has chosen Scottish Widows
  • How to contribute

Extract from the Group Personal Pension Scheme Guides:

Here are some of the reasons you might consider contributing to your company pension.

The Government will normally give you tax relief that helps increase the value of your plan. If the basic rate of tax is 20%*, for every £80 you pay into your plan each month, the Government will automatically top up your pension with an additional £20. If you are a higher or additional rate taxpayer, you may be able to claim additional tax relief via your annual tax return.

  • Your pension pot is a highly tax-efficient investment.
  • The sooner you start paying in, the longer your pension pot has the opportunity to grow.
  • If you leave your job, you can take your pension pot with you.
  • There are a number of options available for you to take your benefits (currently from age 55). When you decide, 25% can normally be withdrawn tax-free, the rest will be subject to income tax.
  • To help make your investment decision easier, we have designed some simple investment tools.

* If you are a Scottish taxpayer the tax relief you will be entitled to will be at the Scottish Rate of income tax, which may be different from the rest of the UK in the future.

To read more then please download your free guide below by clicking the button below.

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