There are so many policies and schemes available world wide for saving the money for the future purpose. Among those various policies and schemes the pension plan is a highly valuable and useful one which helps an individual during his or her final years.
There are so many pension schemes available presently. Among the various pension plans the self administered pension scheme is an important one. Yes! The Self Administered Pension Schemes is a tax exempt plan which is established mainly to help the individuals who are in most need of like the senior manager of a company or the organizational director. The higher officials of the organizations mainly choose this Self Administered Pension Schemes to get relief from their personal income tax.
The major benefits of the Self Administered Pension Schemes are as follows:
- The payments for the scheme can be readily made by the company itself and thereby you can easily get free from the tax benefits at the marginal rate of tax mainly for the personal accounts and contributions.
- The pension funds in the existing company where you are working presently can be transferred and merged to the Self Administered Pension Schemes
- As the name implies that you can easily access the Self Administered Pension Schemes by yourself from the age of 50 along with the consent of the company
- You can obtain 25 percentage of the fund value when you got retired and the balance amount will be there in your account and it will reach you in divided manner or even you can take the balance amount wholly whenever you need.
- In the Self Administered Pension Schemes all the income and profits obtained are tax free
- With the help of the Self Administered Pension Schemes you can open a deposit account or even you can open a share account from any company listed by the scheme introducing company.