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UK Personal Pension Guide

A personal pension is a way of saving money to ensure a comfortable retirement. In the UK it has major tax benefits which make it the best type of retirement plan for the vast majority of people, who, unless they're rich, really do need to save for old age.

While there are alternative ways of saving the pension is generally the best option for most people.

The current Stakeholder pension is a type of personal pension which has all the best qualities of low charges and flexibility.

You can take out a personal pension (including a stakeholder pension - see below) whether you are employed or self-employed. If you are unemployed you can also take out a personal pension (including a stakeholder pension). To take out a personal pension, you must be aged between 18 and 75. You can also take out a stakeholder pension on behalf of a child.

If you are an employee who is a member of an occupational pension scheme, you may be able to take out a personal pension as well. However, the rules relating to whether or not you can do this are complex. You may need to obtain financial advice.

Information on how to obtain independent financial advice should be obtained from an experienced adviser. You can click on the link on the right for a no-obligation chat with an independent pensions expert.

A personal pension scheme will provide one or more of the following benefits:-

  • a pension during retirement, which can start at any age between 50 and 75
  • a tax-free lump sum on retirement of up to 25% of the pension fund which has been built up from your contributions and interest and/or bonuses paid by the pension provider excluding protected rights and any transfer payments from occupational schemes. Protected rights are payments made by the Inland Revenue (national insurance contribution rebates and income tax relief) which must be used to pay for a pension
  • a pension payable to your widow/widower or other dependant(s)
  • a tax-free lump sum, payable if you die before retirement, to your widow/widower or other dependant(s).

A personal pension scheme may be contracted out of additional pension. This means that you do not pay contributions into additional pension and will not receive a top up to your basic state retirement pension (see above) unless you are entitled to additional pension from another employer. If the pension scheme is contracted out of additional pension, the Inland Revenue will make contributions into the scheme.

If the pension is not contracted out of additional pension, you will continue to pay contributions into additional pension and will be entitled to a top up to your basic state retirement pension in addition to your personal pension.


 
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Comments: Nemo aims to unravel the complications of personal finance. If you're a homeowner with a mortgage you can borrow any amount from £10,000 to £75,000* and pay it back over 5 – 25 years.Nemo offers loans to consolidate debt and for home improvements. We also have a specific range for the self employed, allowing self certification up to £50,000. With a choice of loan amounts and repayment terms with rates from 6.7% APR variable to 12.4% APR variable, we’ll do our best to find a loan to fit in with your circumstances and lifestyle. Our typical rate is 8.4% APR variable.
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