PLANNING FOR THE FUTURE

AS AN EMPLOYEE, IT’S EASY NOT TO THINK ABOUT YOUR PENSION – IT RACKS UP IN THE BACKGROUND, TAKING CARE OF ITSELF. AS AN ENTREPRENEUR, YOU NEED TO ENGAGE. KRIS AMLIWALA OF DESIGNER WEALTH MANAGEMENT CAN ADVISE ON HOW TO MAKE YOUR PENSION MORE VALUABLE, BUILDING FOR YOUR FUTURE ou’re running a business – you’ve got a thousand things to think about. If something’s not urgent in the here and now, it can get pushed back or forgotten. Your pension shouldn’t be one of those things. Kris Amliwala can make it work for you and keep it simple.

“I avoid jargon, 100-page spreadsheets, and all the boring stuff,” says Kris. “We like to make it as clear and client-friendly as possible.”

This easy-to-follow, simplified approach is why Kris is invited onto many podcasts, such as ‘Financial Planner Life’ and ‘The Kinder Institute of Life Planning’. He has been asked to speak at NextGen Planners Global Financial Planning Conference – the largest conference of its kind – three years straight, with his ideas streamed to six continents. He’s also flown to Nashville, USA, to speak to an exclusive conference with 5,000 financial advisors in attendance. Now, he’s turned his attention to raising awareness of some pension features we all should know.

“The sooner you start, the more you’ll have. Albert Einstein said ‘Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.’ If you’ve got your pension set up, even if you earn £0 in a year, the government will still give you a tax-free gain of 20% on your existing pension.”

It’s worth understanding the figures. If you put away £1000 per year, the government will give you an additional £250 – that helps you build for the future. It’s also an incentive to get set up as soon as you can.

“Even if you start a pension in your twenties, it’s not conditional on you staying with one company – pension money is money you’ve earned – it’s not a loyalty bonus. It’s yours, and you can take it with you.”

Words by Tom Young

By taking the time to put a plan in place, you’re setting yourself up to succeed, and avoid undue stress down the road.

“An early retirement with a healthy passive income (as defined by for you), shouldn’t just rely upon your business doing well and achieving a successful exit. A few hours a year with a Financial Life Planner could shave years off your planned retirement date.”

If you run your own business as a limited company, there’s even more good news – your pension contribution is tax deductible.

“If a business owner pays their pension contribution through the business, they can get corporation tax relief. You could pay £100 into your pension, and claim it back from HMRC. With corporation tax proposed to rise to 25%, it’ll be an even bigger relief.”

If you’d like to discuss your pension options, visit dwm.uk.com.