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You build up your own individual pension fund.
Your contributions qualify for full tax relief, and no income or capital gains tax is levied within the fund.
Income Tax deducted at source can be reclaimed.
You choose what contributions to pay, and when to pay them (up to the maximum allowed by law).
You have total flexibility in the appointment of a professional investment manager--or if you want, you can manage the investments yourself.
Permitted investments include commercial property for use by your own business (on commercial terms).
You decide when to retire (subject to permitted age ranges) - and your decision doesn't have to be made in advance.
There is no artificial ceiling on your pension--you get as much as your fund will buy.
You can take up to 25% of the fund in the form of a tax-free cash lump sum, the balance being used to provide pension benefits for you and your dependants.
You don't have to retire from work to draw your pension and cash benefits.
The income drawdown facility mans that you will not be locked-in to poor annuity rates when you want to start drawing a pension.
Death benefits will normally be paid free of inheritance tax.
If you effect life assurance through the scheme, your premiums receive full tax relief. You (or your adviser) can choose any insurance company you want.
There is no penalty of any kind if you retire earlier than expected, stop contributing to the scheme for any reason, or transfer your fund elsewhere. Your fund's full value will always be available for your benefit.
The Pathfinder Private Pension is approved by the Inland Revenue.