Professional Contractors Group (PCG) Members
Wealth Matters has been working with PCG members for over eight years. As a Professional Contractors Group affiliate, we work very closely with PCG Head Office on all pension matters. We can provide specialist advice to all contractors and are generally regarded as the industry leader in providing financial advice to contractors. We wrote part of the PCG guide to Pensions and entirely rewrote the guide and updated it in August 2007 and July 2008. Wealth Matters are PCG’s preferred provider of pensions advice. We understand the specific issues that contractors have to deal with, and we can provide constructive financial solutions tailored to your needs. As a contractor, you receive no pension, no sick pay, no private medical cover and no death benefits. So you need to make your own provisions.
But how can you make meaningful pension contributions and provide proper income protection against illness, if you are trying to reduce your declared salary, to reduce the tax that you pay? And whilst we are at it, why won’t your lender take into account the dividends you pay yourself when you want to buy a new house?
This is where Wealth Matters can help. We have solutions to all these problems, and can help you make the most of your earnings, and extract money out of your company, whilst at the same time minimising your tax liabilities.
The pension rules that became effective in April 2006 and the opportunities offered by Self Invested Personal Pensions (SIPPs) and WRAPS, provide many exciting new opportunities for contractors. Small limited companies can greatly increase individual pension contributions, without the need to increase declared salaries.
PCG Member Benefits
Your first appointment (1-2 hours) is cost free and without obligation.
One PCG Member who took advantage is Chris James, who first approached the company at a PCG open evening in Slough, in early 2006. Chris explained:
"I already had a good pension that I am in receipt of, from my full-time job, before I became a contractor. However, I hope to retire in the next few years, and I was looking at topping up my pension and discussing ways of getting money out of my limited company in a tax efficient manner. I thought that I could only contribute £3600 into my pension in the 2006/07 tax year because most of my income derives from dividends. However, Julian Gilbert at Wealth Matters showed me how I could use income from a previous tax year, to make a far larger pension contribution and claim back a large tax bill from a previous tax year; a significant tax gain for myself.
I have a new pension set up which I can monitor on-line and Wealth Matters provides fund information to me every quarter through their investment bulletins. They have kept me fully updated with guidance about how much my company can contribute into the new pensions for myself and my wife. This is important, as I need to build up my pension pot quickly and tax efficiently before I retire. They have consolidated some underperforming funds that my wife had into the new scheme and we now have a robust investment strategy with some high performing funds. When we do decide to retire, we have a much better understanding of how to take our benefits through Income Drawdown.."
For further information on pensions advice please call Wealth Matters on 01582 720511 or email info@wealth-matters.co.uk
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