SIPP and Income Drawdown

Welcome to

PFM Dental

Pension Advice

Pension rules are fast changing and keeping pace isn’t always easy. Within the last 10 years we have seen sweeping changes to pension legislation known as ‘pension freedom’. To make the most of this it is vital to ensure your pensions are in the right place at the right time.

Income drawdown allows you to take tax free cash and flexible income from your pension. Many dentists have old-style pension plans which offer only an annuity option. This involves exchanging your pension for a fixed taxable income. Annuities are rarely the best option now that income drawdown is available.

Income drawdown and flexible income is available through a SIPP (self-invested personal pension) and you may need to transfer your existing pension to this type of plan.

SIPP Main Features

Income Drawdown

To better manage your income tax position.

Phased Tax-Free Cash

To manage a potential Lifetime Allowance Charge.

Investment Fund Choice

Wide range of investment funds and investor protection.

Commercial Property

Commercial property investment options.

FAQs

What is a SIPP?

A SIPP is a ‘self-invested personal pension’ which allows you to take flexible income in retirement as opposed to a traditional annuity. You can also hold commercial property in a SIPP.

Do I need a SIPP?

This depends on your individual circumstances, but a SIPP can be highly effective for a variety of reasons including: managing the Lifetime Pension Allowance planning, controlling your income tax liability and inheritance tax planning.

What investment options do I have with a SIPP?

It is possible to hold our investment portfolios with your SIPP as well as a variety of other investments, such as commercial property and individual shares.

See what other dentists are saying

The Best Dental Specialists Ever!

We have used several other specialist dental accountants in the past but none have been as proactive as PFM Dental. The level of professionalism and approachability has been excellent and an added bonus is the in-house financial management that we have enjoyed for many years.

Mark Lawrence, Dental Practice Owner
Wallingford
Amazing From The Very Beginning!

I met Jon on a financial advice talk for dentists five years ago. At the time I was looking to move my accounts to a specialist dental finance and accountancy company and I have to say that the service has been amazing from the very beginning. They have covered all aspects of any financial doubts I have experienced – both personally and professionally. The team is very stable, quick and efficient!

Bea Sanchez, Associate Dentist
Beeston
Dental Specialists

PFM Dental’s knowledge of dentistry and its quirks was invaluable in making the process run smoothly.

Jon Martin, Dental Practice Owner
York
Longstanding Relationship

“We have used PFM Dental for financial advice over many years and trust them implicitly. So it was a logical step to have a chat with Martyn and the sales team about our options to sell. He was extremely switched on and we quickly decided to use PFM to organise the sale. He came to see us after work (for confidentiality), to discuss how best to maximise the value and in a tax efficient way.”

Richard Stanage, Selling Dentist
Lancashire

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