Self-Managed Pensions

Self-Managed Pensions were originally conceived in 1973 and since then have moved from the fringes of financial planning to take centre stage of any well-structured financial portfolio. They have all the necessary characteristics of a pension scheme registered with Her Majesty’s Revenue and Customs (HMRC) and enjoy the consequent tax advantages. In addition they allow a high level of control for the members of the scheme who, subject to legislative limits, can decide upon investment strategy, funding levels and ultimately the time to start to draw benefits from the scheme based entirely on their own circumstances. A self-managed scheme should not be inhibited by unnecessary bureaucracy other than the limitations and prescriptions that arise from legislation. Self-managed schemes invariably stay in step with these to gain the widest possible opportunities for the members and beneficiaries.

The schemes are funded by a combination of contribution and transfers from other pension arrangements. They are not appropriate for everyone however for the person who wants control of their funds and expenses, involvement in investment decisions and a wide investment choice from bank deposit through equities to a commercial property portfolio, a self-managed scheme is the ideal solution.

Ultimately the scheme provides security and flexibility with scope to access accumulated funds in due course according to need and changing circumstances and finally to pass unused accumulated funds to family or other beneficiaries on death.

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