Personal Pensions

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Personal Pensions

Personal pensions were first available from July 1988, having been introduced by the Social Security Act 1986 to replace retirement annuities (S226 policies).

They were originally aimed at the self-employed or those without access to an occupational pension however, now that many restrictions on contributing to pensions have been lifted following the 2006 pension reforms, this type of policy is open to many more investors.

Personal pension schemes provide a number of benefits - you will be eligible for certain tax benefits. See our tax guide for more details.

Once your money has been paid in, you cannot access it until retirement. Part at least of the fund must be taken as a pension which can start at any time between the ages of 55 and 75.

Personal pensions are very flexible in terms of how you pay into them. Regular or lump sum payments can be made into the fund. The payments can be altered as your income changes throughout your working life.

The provider will usually offer a range of investment funds to choose from with the option to switch between funds to maximize performance. One free switch is normally allowed per year then an administration fee will be charged for further fund switches.

It is also possible to take out life assurance with the same tax relief available on the premiums.

Click on the links for more information, or complete a Quick Enquiry Form above and one of our independent advisers will contact you for personal pension advice whether you are an employee, an employer or self-employed.