Guide to Pensions and Retirement: Financial Planning your future

Ann Bibby

Planning for retirement requires careful consideration of pension contributions and tax efficiency.

At Beever and Struthers, we believe a well-structured pension and tax plan helps individuals achieve financial security while minimising tax liabilities.

That’s why we work with our trusted partners, Pareto Financial Planning Ltd (Pareto), to provide tailored retirement solutions.

Our tax specialists collaborate with Pareto’s financial experts to ensure clients have the right strategies in place for a secure future.

Maximising Pension Contributions

• Regular contributions build a strong retirement fund.
• Workplace pensions often include employer-matched contributions.
• The Annual Allowance (£60,000) limits tax-free contributions.
• High earners should be mindful of the tapered annual allowance (as low as £10,000).
• Carry-forward rules allow use of unused allowances from the past three years.
• Self-employed individuals should explore private pensions to maximise savings.

Tax Benefits of Pension Contributions
• Contributions benefit from tax relief at the individual’s marginal rate.
• Up to 25 per cent of a pension can be withdrawn tax-free at retirement.
• Higher-rate taxpayers may access additional tax relief opportunities.

Managing Pension Withdrawals Efficiently
• Flexible Drawdown: Controlled withdrawals help manage tax exposure.
• Annuities: Provide a guaranteed income but with less flexibility.
• Tax-Free Lump Sums: Up to 25 per cent tax-free, with the remainder taxed as income.
• Phased Retirement: Gradual withdrawals can improve tax efficiency.

Additional Tax Planning Strategies
Beyond pensions, we help clients explore other
tax-efficient strategies:
1. Utilising ISAs for Tax-Free Income
• ISAs provide tax-free growth and withdrawals, complementing pension income.
• Contributions aren’t subject to income tax or capital gains tax.
2. Managing Capital Gains Tax (CGT) Efficiently
• Staggering asset sales to use the CGT exemption (£3,000 for 2024/25) can reduce liabilities.
• Investing in tax-efficient vehicles such as EIS or VCTs can provide further relief.

How We Help
Our collaborative approach ensures:
• Optimised Savings: Maximising pension contributions within tax-efficient structures.
• Minimised Tax Liabilities: Strategic withdrawals and allowance use to reduce tax burdens.
• Long-Term Wealth Preservation: Protecting and transferring assets efficiently.

Effective retirement planning is key to long-term financial security. By making tax-efficient contributions and planning withdrawals strategically, individuals can ensure they have the funds needed for a comfortable future.

Contact Us
For expert advice on retirement and tax planning, contact us today and let us help you build a secure future.

Enjoyed this? Read more from Ann Bibby, Tax Partner Beever and Struthers

Latest news

1

VARS Technology team up with debt resolution specialists to fight fuel theft David Nichol John Garnett Aydan Jones and Laura Tilley

VARS Technology team up with debt resolution specialists to fight fuel theft

12 Sep 2025

2

University of Lancashire unveils Preston campus installation to celebrate name change University of Lancashire new feature

University of Lancashire unveils Preston campus installation to celebrate name change

12 Sep 2025

3

PM+M welcomes ten new apprentices for 2025 intake Lucy Field, Kate Walsh, Ellie Fisher, Zainab Aswat, Reece Jones, Aisha Bibi Patel, Finley Vila, Uzair Zariwala, Richard Prest, and Charlie Harrison

PM+M welcomes ten new apprentices for 2025 intake

11 Sep 2025

4

ROCCIA strengthens commercial division with senior appointment Andrew Grove

ROCCIA strengthens commercial division with senior appointment

11 Sep 2025

5

Final call for investors: Rossendale community solar project must hit target by November Gary McEwan managing director of Interfloor

Final call for investors: Rossendale community solar project must hit target by November

10 Sep 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Sub36 Networking - Follow the signs
Sub36 Deaf Village Social1200
Networking
17 Sep 2025

Sub36 Networking - Follow the signs

The Deaf Village, Blackburn, BB2 5EN

10:00 - 12:00

LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Longridge Soap Box Derby
Screenshot 2025-06-10 090035.png.png
LBV Hub Fundraisers
14 Sep 2025 - 14 Sep 2025

Longridge Soap Box Derby

Berry Lane, Longridge, PR3 3WH

10:00 - 16:30

Preston Tech Connection - The Ultimate Tech Quiz!
Preston Tech Connection Sept 25.png.png
LBV Hub Networking
16 Sep 2025 - 16 Sep 2025

Preston Tech Connection - The Ultimate Tech Quiz!

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:00

The Business Network Central & East Lancashire
LBV Hub Networking
17 Sep 2025 - 17 Sep 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation
Chorley Council breakfast event new
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation

Worden Hall, Leyland, PR25 3DH

08:00 - 11:00

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day
MTD drop in session.jpg.jpg
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day, Blackburn, BB1 5QB

10:00 - 16:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV 123 Online Graphic
Subscribe now

Weekly news bulletin