Personal Pensions for Employees

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Personal Pensions for Employees

If you are working for a company that has five or more employees, the company has to by law offer you access to a pension. However as an employee, you are eligible to pay into a personal pension if:

• you are working for a company that does not provide an occupational pension
• your company provides a pension scheme but you are not a member of it
  
  

You must be between the ages of 18 and 75 to pay into a personal pension. You can only start receiving your pension when you reach the age of 50 and 75 unless you retire early due to ill health.

Taking out a personal pension scheme will not affect your state pension in any way. Every day you work will count towards the standard state pension however you could opt out of the additional or second state pension. Part of your National Insurance contribution will then be used to supplement your personal pension.

Click here for more information about this.

For many other alternative ways to build up a fund for retirement, visit us at www.Investments.co.uk