Save Tax Today and Invest for Tomorrow
Use the ICS Money group pension scheme to cut your tax and national insurance payments
- Funded via employer contributions transferred from your contract
- Uniquely avoidsEmployers and Employees national insurance as well as income tax
- Benefit from 39% or 48% overall tax breaks (even higher for top earners)
- No initial set-up fees so all of your money is invested
- Penalty free payment holidays
- Move the pension to a new employer if you change jobs or continue to invest personally
The ICS Money group personal pension scheme is a key part of ensuring that you operate as tax efficiently as possible because it offers you the chance to make transfers directly from your gross invoice. This contribution therefore avoids the income tax and National Insurance deductions that would otherwise apply if you took this money as salary and ensures that you and not HMRC gain the maximum benefit from all your hard work. The extra saving in NI makes this a far more tax efficient pension than any personally funded scheme that you may already have in place or may be considering.
A pension that fits around your needs
The ICS Money group personal pension scheme offers complete flexibility so you can take penalty free payment holidays when it suits you. It also offers low admin charges and a wide range of funds to help ensure that your investment reaches its full potential.
The independent advisers at ContractorFinancials can help you to take advantage of the more relaxed pension rules that came into force in April 2006, maximising your investment potential and reducing your tax bill as a result.
If you choose to leave ICS Money at any time then you can stop the pension or transfer your plan to your new employer. Alternatively, you can continue funding as a personal investment
Using Salary Sacrifice to minimise your tax-bill
Investing via a salary sacrifice agreement is one of the most tax efficient investment options that are available to you. In most cases you can to invest virtually your entire invoice subject only to you meeting the minimum wage and covering your fees whilst. Whilst this level of investment may not be sustainable over a long period of time, it can represent a significant boost to your future income in retirement whilst saving you very substantial amounts of tax and NI contributions on your contract now.
You can also invest personally in the pension up to 100% of your remaining salary although this income will be subject to NI deductions.
Important Information
The information provided above is factual and does not consider your personal circumstances. We advise you to read the information provided and decide whether or not the plan appeals to you as we are not advising that the plan is suitable for you.
ICS Money has instructed ContractorFinancials to set up and administer the plan. As Independent Financial Advisors they will be able to answer your questions and give advice as to the suitability of the scheme. If you are unsure as to whether the ICS Money scheme is right for you then you should seek expert advice from them.
If you consider joining the scheme then ContractorFinancials will provide you with a personal illustration and a document outlining the key facts of the contract to give you a better understanding of the benefits of the plan.
ContractorFinancials
Contractor Financials are Independent Financial Advisors specialising in offering tailored financial solutions to contractors and freelancers.
For further information please call 0845 062 8888 or email ICSmoney@contractorfinancials.com.
The value of investments may rise as well as fall and past performance is not a guide to future returns.
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