Pensions
Here at the cps group, we understand as contractors you work hard to earn your money and therefore we want to help you retain as much as possible. cps financials offers low admin charges and a wide range of funds to help ensure that your investment reaches its full potential.
the cps group wants to help you to take advantage of the more relaxed pension rules that came into force in April 2006, maximising your investment potential and reducing your tax bill as a result. cps financials will also help consolidate any existing pensions that you may have from previous jobs and ensure that your funds are in the right place to exploit growth potential and minimise risk.
If you’ve not already set up a pension or don’t currently make full use of the allowances available, you could be paying substantial amounts of tax unnecessarily. Pensions are big news, after the income sharing and MSC crackdowns and regardless of whether you’re inside and outside of IR35. They represent one of the few remaining tax breaks available to contractors!
Money can be invested into a pension scheme personally (from your own funds) or through your psc bank account. If you find yourself in a sticky situation and are caught by IR35, not only will you save the income tax payable but you will also not pay employers and employees NIC. Through the cps group you could see tax relief of up to 48%!!!
Stakeholder/Personal Pensions
Stakeholder and Personal pensions are money purchase pensions (the pension you get is not linked to your salary). These build up a pension fund using your contributions, which in most cases, should be funded from your limited company.
The new stakeholder pensions are in effect almost identical to personal pensions. Although stakeholder pension providers have a 1% cap on charges, in fact most personal pensions have also fallen into line with this low charge regime. The benefits of personal pensions are that they usually offer a wider range of investment choices.
