Both the app and the site have a clear design and are easy to browse. Penfold Pension Griffin…The style feels simple and modern, which is a huge plus when dealing with pensions. The FAQ section covers a wide array of issues, with clear thought put into the reactions, and there is the alternative of webchat and telephone support for more particular, specific niche queries.
Account established fasts, taking just 5 minutes and can done via app or on the website. offer 3 options when it concerns topping up your account: direct debit, instant payment and bank transfers.
They have put a lot of effort into its app, which is sleek and supplies a good user experience. The activity tab is particularly beneficial, showing a clear breakdown of contributions, transfers, charges, and top-ups, along with enabling you to filter by private elements. It is simple to see or change your investment strategy and users can find key files with no concerns.
Behind the scenes
don’t conceal a lot behind a payment wall, picking to provide users access to the majority of things prior to they are charged a fee. When you’ve opened or moved a pension, this consists of a totally free sign up– you just pay.
Transferring a pension is extremely simple, with additional help provided when looking for lost pensions from an old office. You are kept notified of the transfer progress, without being flooded with all the info of what’s occurring behind the scenes.
It is simple to change regular contribution levels, with users also able to pause contributions for however long they ‘d like.
A rarer function that can be really useful is the prominence of a “recipients” area in the logged-in version of the website/app, which allows you to choose who will receive your if you pass away. This can be vital and is often overlooked by investors.
hi and welcome to another guide from penfold my name is Lily and in this video I’ll be walking through everything you need to learn about pensions as a limited company director if you run your own service then unlike the majority of workers you won’t have a company setting up an office for you instead you’ll need to establish a personal to save for retirement yourself luckily as a company director your will offer you access to some very attractive tax breaks not offered to other Savers however we’re getting ahead of ourselves first let’s look at what director actually is a director isn’t an unique
sort of it’s simply a private you established yourself you can contribute into a director personally or through your company you will not require to set it up in any special method you can simply choose to pay in from your organization account or your personal one here’s how that works besides the alternative for paying in Via your organization a business director functions in much the same method as any other private briefly that implies you pay cash in while you withdraw and work when you retire you get the tax relief from the federal government on whatever you pay in everything you contribute is invested into a fund helping your pot to grow over the long term and you can access your savings from 55 rising to 57 in 2028 okay let’s look at what makes a director special how you contribute so how do pensions work when you’re a company director when you triggered a director pension you can select how you ‘d like to contribute
that’s because as a company director contributions from you and contributions from your organization are dealt with slightly in a different way your choices are paying in from your personal account paying in from your service account or a mix of both paying in from a personal account indicates you’ll get tax relief at source refund from the government on all the tax you have actually currently paid this is instantly added to your for you paying in from a business account means your contributions are made before any tax is subtracted suggesting you wind up paying less earnings tax and National Insurance to mix both all you have to do is set up a routine payment from one of your accounts and top up with one-off payments from the other for some this technique of blending payments can assist you end up being a lot more tax efficient of course both ways of contributing included their own pros and cons let’s take a look at how each approach can help you keep more of your money foreign scheme through your business can have huge advantages company contributions are dealt with as an allowable
When can I withdraw my Penfold pension? Penfold Pension Griffin
overhead letting you balance out payments into your pension against your corporation tax costs basically this lowers your on paper profits while likewise letting you keep more of your hard-earned cash corporation tax is set at 19 for the 2022-2023 tax year this means a one-off contribution of 10 thousand pounds will term 1 900 pounds off your tax costs that’s 1 900 pounds additional going to your rather than going to the government likewise since you’re deciding to pay this money into your rather than as an income or dividend you’re likewise saving money on earnings tax National Insurance coverage and dividend tax here’s how this looks in the real world for a standard rate taxpayer taking 10 000 pounds out of your service as a dividend indicates you pay
750 pounds in dividend tax ten thousand pounds relies on nine thousand two hundred and fifty pounds for today putting that same 10 000 pounds into your however means you keep the whole amount plus you’ll get one thousand 9 hundred pounds tax relief on top 10 thousand pounds has actually ended up being eleven thousand 9 hundred pounds for tomorrow you get 27.9 percent extra higher rate taxpayers will save much more by preventing the higher dividend tax if you take ten thousand pounds as a dividend as a high rate taxpayer you’ll get 7 thousand three hundred pounds now if you put ten thousand Pounds into your rather you’ll get eleven thousand 9 hundred pounds later that’s 63 percent extra naturally you can also pay in from a personal account any personal contributions you make will receive a 25 tax relief Boost from the government so for each 100 pounds
you conserve they will add 25 pounds if you’re a greater or additional rate taxpayer then you can declare much more back you can claim another 25 tax relief or 31.25 if you make over 150 000 pounds by adding your contributions and pens to a self-assessment income tax return the best part is this extra tax relief does not need to go into your the federal government will refund the tax back by means of a change to your tax code or sending you a refund complimentary to utilize as you wish of course there are limits and allowances you require to bear in mind how you contribute to your likewise affects just how much you can pay in if you didn’t understand UK Savers undergo a yearly allowance presently the optimum you can contribute in your each year is the lower of 40 000 pounds or a hundred percent of your revenues anything above this won’t benefit from tax benefits for personal contributions this suggests the absolute most you can pay in is 32 000 pounds with the remaining
8 000 pounds originating from tax relief of course if your yearly earnings is below 40 000 pounds you’ll be restricted on how much you can actually contribute unless you’re a minimal company director as we discussed earlier directors are distinct in that you can pay indirectly from your company without the income limit that means you can pay in up to thirty two thousand Pounds into your even if your income is below that forty thousand pound threshold the only thing to be knowledgeable about is that any contribution from your business need to be entirely and solely for the function of business generally your contributions must be appropriate for the size of your service and its earnings is the effective flexible that’s best for company directors easy to set up and uncomplicated to manage you can contribute personally or via your company at the tap of a button using our site or acclaimed app it’s everything you need to enhance your tax efficiency and keep more of your earnings find why UK limited business directors choose today
by heading to get.
hi and welcome to another pension guide from my name is Lily and in this video I’ll be walking through whatever you need to learn about pensions as a minimal company director if you run your own service then unlike most employees you will not have an employer establishing an office for you instead you’ll need to set up a private to save for retirement yourself thankfully as a company director your pension will offer you access to some very appealing tax breaks not readily available to other Savers but we’re getting ahead of ourselves first let’s take a look at what director in fact is
The Geeky Particulars
is a digital service provider focused on taking the stress of investing and making your as straightforward as possible.
The website consists of a good, jargon-free guide that will interest newbie financiers and/or those who aren’t extremely knowledgeable about how SIPPs work. The blog area addresses beneficial and relevant topics, such as carrying forward allowances and changing work environment companies. This material can be beneficial to both newer and more confident investors.
The website and app have a host of cool features, such as the ‘need-to-know page’, which suggests 3 of the most crucial things you require to know about pensions, based upon your age and income. The pension glossary is another example, helping users understand more technical terms.
‘s calculator is a good example of the balance it strikes between catering for beginner and more confident investors, with basic actionable outputs being provided, along with the opportunity to look at a sophisticated variation and input more fancy data.
There are 4 pension readily available: Lifetime, Standard, Sustainable and Sharia; with the underlying investments run by BlackRock/HSBC. While there is not a substantial variety of threat options offered for the Sustainable and Sharia strategies, it is nice to see catering for niche classifications. Both moving your pension and switch between strategies is simple and problem-free. Penfold Pension Griffin
Life time, Requirement and Sustainable strategies cost 0.75% all-in, which is equivalent to , 7.50 on every , 1,000 invested. Once your SIPP worth reaches over , 100k, charges on additional cash invested drop to 0.4% (0.53% for Sharia strategy).
All in all, Penfold can be a good alternative for new investors who find handling pensions challenging however want to be more proactive about saving for retirement.