Investing
Why do Barristers need a financial planner?
While often high-earning, barristers are typically self-employed or sole practitioners within a chambers. With self-employment comes the ups and downs of unstable income, cash flow planning and learning how to manage things like retirement savings on the job.
If you would like to book a free initial consultation to discuss how we can help you as a Barrister, you can get in touch here.
Why is pension planning so complex for Barristers?
Pension planning can be very complex for Barristers in particular. The benefits of taking tax relief on pension contributions can be financially sound, but then this capital is not accessible until later in life. There are pros and cons that need to be weighed and we are perfectly placed to provide you with the right approach for your circumstances.
What are the considerations for retirement planning for Barristers?
Retirement planning for self-employed barristers is about more than contributing to your pension — it’s often about how you manage and address your money as a whole.It includes:
● Capital gains tax
● ISA allowances
● Venture Capital Trust (VCT), Enterprise Investment Schemes (EIS) and Seed Enterprise Investment Schemes (SEIS) planning
● Cash management in savings interest and liquid funds for emergencies
● Charitable giving
What is a Lifetime Allowance?
The lifetime allowance refers to the amount you can accrue in pension savings, without incurring a tax charge.
How much is the current Lifetime Allowance?
The lifetime allowance for the total of all your pension savings can change, at the time of writing, it sits at £1,073,100.
If you still have questions about your financial position as a Barrister, you can get more information on our services on our dedicated Barristers Financial Planning page, or get in contact with us.