For those in executive roles, working alongside an experienced wealth manager can make a significant difference when it comes to developing a well-balanced financial plan. Protecting your financial interests and helping you to achieve your long-term financial goals is at the heart of everything that we do.
Can you answer the following questions?
If you have answers to all of these, you’re well on your way to financial stability. However, many seasoned corporate executives lack the time and resources to manage their personal finances. Without consistent management and review your financial plan can run the risk of falling short in terms of performance and compliance.
We will carefully assess your current pension plans to determine if any of the modifications in tax exemptions and allowances affect you.
We will work together to discuss your aspirations and objectives, whether they are for five years down the line, or fifteen. From there, we’ll build a comprehensive financial plan to support you in achieving those goals.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Easing the tax burden:
As a Senior Corporate Executive, you should always be looking for ways to optimise tax efficiency and minimise your taxes. By strategically implementing the right plan, you can significantly reduce your overall liabilities.
If you surpass £150,000 in total earnings, your income tax liability will be split evenly between you and HM Revenue & Customs (HMRC).
Moreover, you'll be paying a hefty 60% in taxes on any income between £100,000 and £125,000. This is due to your Personal Allowance tapering or decreasing when you earn greater amounts (2022/2023 tax year).
Harnessing the expertise of a financial advisor can be an invaluable asset when it comes to controlling your tax liability.
Protecting your pension benefits for your loved ones.
One of the safest ways to safeguard your pension from tax (and potentially guard it from issues such as bankruptcy or divorce) is to establish a Trust* specifically created to collect death benefits from retirement plans, could be the way forward.
Your pension is a valuable asset that will give you much-needed income once you've retired. But did you know it can also provide additional benefits for your family if anything happens to you before the age of 75, either during or after working?
This could be a substantial amount of money.
When selecting where to deposit your benefits, you may have chosen for them to be paid directly out to your spouse, civil partner, or partner ('survivor'). However, it is important to remember that these funds would then become part of their estate.
And, upon death this could potentially create or increase a liability to Inheritance Tax (IHT) which could result in taxes of up to 40%.
Neglecting to take the proper precautions can also lead to a total loss of your death benefits.
We have access to an exclusive Asset Preservation Trust which is designed to protect your investment and avoid any issues that could eat into their value.
However, before deciding if this tool is right for you, it's crucial to evaluate your unique circumstances.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is dependent on individual circumstances.
*Please note that Trusts are not regulated by the Financial Conduct Authority.
The Partner Practice is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.
JPS Wealth Management Ltd is registered in England and Wales, Number 09274545. Registered Office: 14a Montpelier Place, Brighton, BN1 3BF.
