What is the best pension available ?

tax efficient pensionsThere is no hard and fast rules on the offering the best pension, and a regular question asked is whether it should be a self invested personal pension plan (SIPPs) or an Individual Savings Plan (ISA) product.

There is plenty of data to show one is better than the other and vice versa but unfortunately there is no concrete data to state whether SIPP’s or ISA’s are better. It often depends on the individuals requirements, for example if your looking for retirement income and capital for specific purposes then you should use a mix of both.

Both have benefits in Tax relief to varying degrees, a pension contribution attracts tax relief at your highest rate, however rates of return vary depending on individual circumstances e.g the current tax rate you are paying.

There are also Inheritance tax pitfalls to be avoided with these types of pension products. We can explain the pro’s and con’s and offer pension plans tailored to your specific needs avoiding risk and yielding the best return for you in your latter years.