The value of AirFunders is to give members a usable fund to add to their retirement savings.
It may also be possible to pass the benefits on to another nominated individual.
Funds can be transferred directly into a personal pension at any time of your choosing following UK pension rules.
An individual aged under 75 is entitled to tax relief on the contributions they make to a registered pension scheme during a tax year. Individuals can only claim personal tax relief on their contributions up to the higher of 100% of their relevant UK earnings or £3,600. Where the individual has relevant UK earnings, their net contribution is grossed up (i.e. a net personal contribution of £800 will be grossed up to £1,000 in their pension)
If the individual is a higher rate taxpayer, they can claim additional relief through their self-assessment tax return. Such relief is achieved by increasing their basic rate limit for the year by the gross amount of the contribution.
We try to do business the right way at AirFunders by creating an easy way to save.
When you cash out (at 65+) you can also choose to gift your entitlement to charity or to pass the benefits on to a friend or relative. What a nice present that would be.