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Islamic Pensions
Pensions are now more attractive than ever before for Muslims looking for a Shariah compliant alternative.
In brief terms the changes mean that, from 6 April 2015 any individual (and not just a dependent) can inherit the unused pension funds on the death of the member, where those funds are used to provide a pension or pay a lump sum death benefit.
For someone who is not a dependant, they can continue drawing a pension from the remaining fund and pay income tax at their individual rate of tax.
Where the death of the member or beneficiary occurred before age 75 any payments of income withdrawal to the beneficiary or successor can be made tax-free providing the funds are designated within a two-year period.
There is no longer a need to purchase an annuity.
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Testimonials
"We have used the services of Sage Financial Management for the past year and we have found them to be extremely professional in their approach. The advice and guidance that we receive is honest, professional and reliable. They are always ready to find the time to meet with you and explain matters in full, in a manner that is appropriate. I will have no doubt in recommending them to friends and family."
Dr Baki, Delta Care Limited, Preston"Sage Financial Management has certainly been very helpful to me and my company. With issues such investments and pension planning I have reaped a lot sound and impartial advice. The advisers are always flexible on meeting arrangements to suit my busy schedule, and advice is in a simple language so it does not take me too long to analyse."
I Ahmed, Eye Care Optical, Director, Nationwide"Sage Financial Management provides an effective service that is tailored to the individuals needs. The service is performed in a professional, no-pressure manner. I have no hesitation in recommending them."
W Yasin, Riley Moss Chartered Accountants, Preston
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