Pensions
Compare Pensions: Stakeholder Pension, Government Pension, Work Pension, Private Pension, Personal Pensions, Self Invested Personal Pension.
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The value of your investment can go down as well as up and you may not get back the full amount invested.
Stakeholder Pensions
A Stakeholder Pension is a low cost pension that has to adhere to government rules on charges, access and terms, offering complete simplicity and transparency.
Pension Scheme
A pension scheme is a Pension arrangement that is usually arranged by a company for the benefit of the employees.
Pension Funds
A pension fund is a pool of assets bought with contributions to a pension plan by individuals who are investing finance with the intention of creating a retirement income.
Work Pensions
A work pension or company pension is a pension that you accumulate during your working life in conjunction with your employer. Working pension schemes usually require you to make regular pension contributions based on a percentage of your salary and the employer will in most cases match the level of contribution that you make.
State Pensions
A State Pension also know as a Government Pension or Old Age Pension is a pension that is accumulated during an individuals lifetime and paid, by the government when they reach state pension or retirement age. A state pension value is based on the individual's National Insurance contributions (NI) made throughout his or her working life.
Pension drawdown or Income Drawdown Pension
A pension drawdown plan enables an individual to take pension benefits from his accumulated pension fund in a much more flexible way than the standard Annuity route. For example the individual member can immediately gain access to the tax-free lump sum of up to 25% of the value of their overall pension fund without the need to take regular income. The balance of the funds within the pension are then invested into a managed portfolio from which you are then able to draw income from the pension investment.Pension Drawdown is a very specialist product and Independent advice should always be sort before making a decision.
Pensions Tax
Pension tax is the rate of tax payable on a pension annuity income, usually deducted by the annuity provider before payment of the net annuity amount.
Self Invested Personal Pension
A SIPP or Self Invested Personal Pension is a type of personal pension scheme which gives individuals control over the investment decisions that control how their funds are invested. Self Invested Personal Pension schemes carry the same limits and restrictions as regular Personal Pensions but traditionally, because of relatively high flat-fee charging structures, they have often only been suitable for individuals with fairly large pension funds. However SIPPs with lower fees have recently been introduced which have made them available to a wider range of people.
Private Pension
A private pension is a pension that an individual arranges on there own behalf and is not connected in anyway to the individuals employer. Retirement incomes offered by private pensions will vary from provider to provider and are wholly dependant on the investment choices of the individual, the investment performance of the funds, the level of contributions made by the individual and the level of charges applied by the provider.
How to find the Best Pension for You
To find the best pension for you ensure that you shop around. Each pension company will vary in both charges and investment performance so it is important that you get the right pension for you requirements. You should try and compare the market to get a good comparison rather than just accept the initial pension advice you receive.
Articles & Guides
Pensions offered to employees in smaller firms with a workforce of less than 250 are under threat, ... »
The government needs to double state pensions to ensure comfortable retirement conditions, say ... »
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