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Pension scheme contributions

With current tax relief, for those on a marginal tax rate of 22%, a contribution of ?100 only costs ?78 (and for those on 40% only ?60) and then earn

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

s income and capital gains free of tax (except that tax deducted from dividends can no longer be recovered). So pensions are a very tax efficient investment.

When a pension is drawn, it

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

is taxed as income but in most cases some 25% of the pension fund can be withdrawn as a tax free lump sum.

Contributions to the state pension schemes and occupational schemes are made

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

rom income. Personal and stakeholder pension contributions are also usually in the form of regular monthly payments but need not be.

For self employed people with irregular income, cont

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ributions in the form of a lump sum once a year, when you know how much is available, might be more appropriate. Furthermore, charges tend to be lower when contributions are made that wa

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

.

Individual pension accounts

With all forms of pension scheme apart from occupational final salary schemes, including stakeholder pensions for which they are specially designed

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

, contributions can be paid into an individual pension account (IPA), which is a wrapper like an ISA.

The money can be invested in gilts, unit trust and shares in pooled investment fund

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

s and the advantage is that you have control over how the money is invested and can value Your scheme at any time by looking up the value of the investments.

If IPA holders change jobs

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

nd wish to join their new employer's scheme, they can either transfer the IPA into the new scheme or leave it where it is, stopping contributions to it as appropriate.

AVCs

Thes

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

e additional voluntary contributions on top of an occupational scheme can also be made in the form of a lump sum and at present it is possible to go back to earlier years if there is spa

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

e within the Inland Revenue limits on contributions.

There is some debate about whether AVCs are better value than ISAs. With AVCs the contribution is tax free but the benefit is taxabl

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

e, whereas ISAs are the other way around.

In both cases money in the scheme is free of tax on income and capital gains but ISAs have the advantage that tax deducted from dividends can b

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

e recovered until 2004. Charges might be higher for pension schemes than for 1SAs.

Most experts favour AVCs because the tax gain comes at the beginning and so funds accumulate tax free

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

t a higher level. The main advantage of ISAs is complete freedom of action you can get your hands on the money at any time. However, some people prefer the discipline of not being able

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

to access the funds before retirement.

Cash lump sum on retirement

Most pension schemes include an option to take a cash lump sum on retirement. It is a pleasant decision to ma

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

e, but it may not be easy. Remember you can choose to take as much as you like up to the scheme limit, but you lose pension in proportion.

If a pension is fully inflation proofed, then

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

it might be better to keep it intact. If not, then it might be possible to buy an annuity with the cash, which pays more after tax than the pension foregone, depending on annuity rates a

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

t the time.

You do not have to buy an annuity; you may choose to invest the money differently. You may in any case want to use some cash to pay off some at least of your mortgage.

But

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

hink carefully before using it for a holiday or a new car!

Pension annuities

With money purchase occupational schemes, personal pensions and the new stakeholder pensions, the fu

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

nd at retirement must be utilised to buy an annuity (this can be deferred in some cases beyond retirement). This is called a compulsory purchase annuity, and all the receipts are taxable

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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