v AVAILABLE ON ALL DEVICES v 7th August 2025 • The HERALD • Page 71 ASK A PROFESSIONAL Sanders Design SERVICES LTD BUILDING PLANS AND DETAILED DRAWING SERVICE Complete professional service for extensions, conversions, new houses and commercial projects • Computer Aided Design Drawings • Free Initial Visit and Quotation 95 Cedar Road, Hythe, Southampton SO45 3PX Tel: 023 8020 7195 Email: info@sandersdesignservices.co.uk Web: www.sandersdesignservices.co.uk contributions automatically increased by 20%, while higher rate taxpayers can claim an additional 20% and additional rate taxpayers an extra 25% depending on the amount of the contribution. Planning for your dependents’ future When planning for a secure retirement, it’s crucial to consider your dependents’ nancial wellbeing. Considering them in your retirement plan can help to ensure they are cared for even a er you’re gone. One e ective method of passing on wealth is through pensions, which can o er signi cant bene ts in terms of inheritance. Although this changed slightly in last year’s budget it still works between spouses. Understanding tax implications It’s essential to know the potential tax implications of passing on a pension. While pensions generally avoid Inheritance Tax between spouses, bene ciaries may face Income Tax liabilities depending on when the pension is inherited. If you pass away before age 75, bene ciaries can usually withdraw from the pension tax-free. However, if you die a er reaching 75, they may need to pay Income Tax on withdrawals, mirroring the tax rates applicable to their income. READY TO TAKE PROACTIVE STEPS IN YOUR RETIREMENT PLANNING? Secure your nancial future by taking proactive steps in your retirement planning today. If you need expert guidance or want to explore your pension options further, we are here to assist you. Contact us to con dently navigate this crucial journey, ensuring that your retirement plans meet your long-term goals. Let us support you in making informed decisions for a secure and comfortable retirement. Pop in to our o ce in Hythe Village, call 02380 80848410 or email michael@ oyster nancialplanning.co.uk Guide to Planning and Preparing for Retirement (Part Two) Michael Osman, Oyster Financial Planning Continued from page 70
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