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Page 5 of 7
Pensions for Business Owners
4. Options for Retirement Financing
Pensions may be the most tax-efficient way to pay for your retirement but they are not the only option.
4.1 Selling property at retirement offers a possible lump sum that could be used as a pension.
- Using property as a pension means you can access the money before normal retirement age.
- You have more control over the asset.
- You are reliant on favourable property prices and the ability to sell your home when you want to retire.
4.2 Individual savings accounts (ISAs).
- All withdrawals from an ISA are tax free and there is no obligation to buy an annuity.
- Money can be accessed at any time.
- ISAs could be beneficial for basic rate taxpayers, but higher rate taxpayers are likely to better off in a pension.
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