A while back I made a post about taking a loan from a company of which I own 25% and am a director. The advice I got was very helpful and suggested taking a loan as a director was not straightforward.
The money was left in this company (after the sale of a sister company) in case anybody in the family wanted to start another business and as it would have heavily taxed at the time.
Basically the company has about 2m in assets. 1.6m invested in various managed funds and the rest tied up in less liquid assets such as investments in other companies, property etc. Nobody is currently paid a salary from this company.
I am currently in a public sector role currently earning 40k per year which will hopefully rise to 70k by retirement. I calculate that the pension I earn from this role will be quite small (even smaller if I retire before 70- which I would love to do).
Basically I would like advice on how best to use this money to fund my retirement.
.
I am thinking if I leave my public sector job aged about 55 or maybe work part time, then I can become a salaried employee of the company and put the maximum amount of my salary allowed into a pension. Ideally keeping my salary low enough not to pay any higher rate tax but high enough to put a good amount into a pension.
I have been looking into director’s pensions etc - but not sure where to get good information
If I take the money as a dividend can it still be put in a pension?
Can anyone recommend a good pension advisor who would have a good understanding of the public sector single pension scheme and also directors pensions and how they work?
The money was left in this company (after the sale of a sister company) in case anybody in the family wanted to start another business and as it would have heavily taxed at the time.
Basically the company has about 2m in assets. 1.6m invested in various managed funds and the rest tied up in less liquid assets such as investments in other companies, property etc. Nobody is currently paid a salary from this company.
I am currently in a public sector role currently earning 40k per year which will hopefully rise to 70k by retirement. I calculate that the pension I earn from this role will be quite small (even smaller if I retire before 70- which I would love to do).
Basically I would like advice on how best to use this money to fund my retirement.
.
I am thinking if I leave my public sector job aged about 55 or maybe work part time, then I can become a salaried employee of the company and put the maximum amount of my salary allowed into a pension. Ideally keeping my salary low enough not to pay any higher rate tax but high enough to put a good amount into a pension.
I have been looking into director’s pensions etc - but not sure where to get good information
If I take the money as a dividend can it still be put in a pension?
Can anyone recommend a good pension advisor who would have a good understanding of the public sector single pension scheme and also directors pensions and how they work?