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Letter P
Personal pension
A personal pension is a plan designed to build up a fund as a result
of regular contributions or a lump sum which you can use at retirement to
purchase and annuity (an income for life) Established under the Social Security
Act 1986. Tax relief is allowable on the contributions at the investor's highest
marginal tax rate subject to current tax legislation. In addition any
investment within the fund grow free of all taxes that is capital gains and
income tax. A lump sum of up to 25% of the fund may be taken as tax free cash
making it a very tax efficient and effective repayment vehicle.
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