- 55 years old
- Wants to consolidate all his existing pensions into one plan
- Plans to continue working
- Wants to access his tax-free cash
- Wants the option to take ad hoc withdrawals if needed
- Wants to remain invested for potential growth
A retirement solution
By consolidating all his existing pension plans into the PIP James now has one larger pot of savings which can benefit from a lower charge and is easier for James to control now they are in one place. James can also make single contributions to the plan.
He can take ad hoc lump sums directly from the plan, where up to 25% will be tax-free (known as an Uncrystallised Funds Lump Sum or UFPLS).
On James’s death any remaining funds could provide James’s nominated beneficiaries with either a lump sum or a beneficiary’s drawdown. These benefits would normally be paid free of Inheritance Tax and could potentially be paid free of income tax should James die before reaching age 75.
- You and/or your employer can make single contributions to your plan
- Your pension savings can grow in a tax efficient manner
- You can consolidate all your existing pension savings into the PIP
- Death benefits can be passed onto beneficiaries free of Inheritance Tax
- Access to funds from a wide choice of investment managers
- From age 55 onwards, you can have access to your savings by withdrawing lump sums
The PIP lets you consolidate existing pension plans, contribute and build benefits and from age 55 onwards, take lump sums from the plan up to the entire value of the plan.
Should you die with funds left in your plan, these can be passed on to your beneficiary/ies as a lump sum or in the form of income. Please note that any discretion in relation to death benefits is held with the scheme administrator of the plan.
The value of the plan can go down as well as up and you may not get back the full amount you invested. You should speak to a professional adviser to ensure that any retirement product is suitable for you.
Who is it for?
You must be UK resident, aged 18 or over, with at least £5,000 to invest. The PIP may appeal to those looking to build retirement benefits and/or consolidate existing pension plans into one product.