Premier Oil Plc Retirement & Death Benefits Plan
Advanced Asset Consultants (AAC) have been appointed by Premier Pension Plan Trustee Limited to support members of the Premier Oil Plc Retirement & Death Benefits Plan in making key decisions regarding your pension benefits.
What does this mean for you?
- Evaluate enhanced pension benefits offered by the Premier Oil Plc scheme.
- Understand and manage potential Annual Allowance tax charges.
- Consider the use of Scheme Pays, where relevant.
Understanding Annual Allowance (AA)
The Annual Allowance is the limit on pension contributions or the value of benefits you can build up each year without incurring a tax charge. For defined benefit schemes like Premier Oil’s, it’s not simply about contributions paid—it involves assessing how much your pension benefits have increased year-on-year, which can quickly become complex.
Exceeding your Annual Allowance can lead to tax charges, and it’s essential to understand your position clearly.
What is Scheme Pays?
If you incur an Annual Allowance tax charge, Scheme Pays allows your pension scheme to pay this tax charge directly to HMRC on your behalf. However, this effectively reduces your eventual pension benefits, so making informed decisions is crucial.
The importance of guidance and advice
Given the complexities involved, taking professional financial advice is highly recommended. Making informed choices now can significantly affect your retirement benefits, financial security, and tax efficiency in the future.
Additional financial planning services (available on discounted terms)
To reflect our relationship with Premier Oil Plc, we offer members additional advisory services at specially discounted rates:
- Broader retirement options and pension planning
- Retirement income and capital withdrawal strategies
- Estate planning and protecting your pension from inheritance tax
- Investment planning tailored to your personal objectives
Take the next step
Call: 0141 331 2434
Email: premieroil@advancedasset.co.uk
