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Retirement Planning
Personal Pensions
Contributions to Personal Pensions generate direct tax savings. This means that you will be able to reclaim 20% of your contributions as tax relief (subject to maximum limits).
Your pension contributions will grow in funds not liable to tax on capital gains and where all forms of investment income (except dividends) are also tax-free.
At retirement, you have the option to take up to 25% of the fund as a tax free cash lump sum, with the balance being used to buy a pension.
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