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UK Stakeholder Pension Guide

This is a form of personal pension except there are no initial up front charges - which were the cause of much controversy, when people realised that, say, the first 2 years of their contributions had gone to pay "front-end loaded" charges. Moreover, the pension provider cannot charge more than 1% of the value of the individuals fund each year for administering the pension.

For some people a stakeholder pension may be a better option than other personal pensions. Stakeholder pensions offer greater flexibility than other personal pensions, for example, you can stop paying into the scheme without having to pay a penalty and restart whenever you wish. You may also be able to vary the timing and amount of your payments to the scheme.

Stakeholder pensions are available from personal pension providers, for example, insurance companies, banks and building societies. Other organisations, for example, trade unions and the Post Office may also offer stakeholder pension schemes to their members. If you are employed, you may be able to get a stakeholder pension through your employer. You can also choose to join a different stakeholder pension scheme to the one offered by your employer.

As an employee you will not be able to join a stakeholder pension scheme offered by your employer if you:-

have worked for your employer for less than three months; or
are a member of the employer's occupational pension scheme; or
cannot join the employer's occupational pension scheme because the scheme's rules will not admit you as someone who is under 18 or is within five years of the scheme's normal pension retirement age; or
could have joined the employer's occupational pension scheme but did not do so; or
have had earnings which are below the lower earnings limit for at least three consecutive months. This is the level of earnings above which an employee has to pay national insurance contributions; or
cannot join a stakeholder pension scheme due to Inland Revenue restrictions, for example, you do not normally live in the UK.

An employer must offer a stakeholder pension scheme to their employees, unless the employer:-

has fewer than five employees; or
offers an occupational pension scheme, which all their employees can join within one year of starting work; or
offers access to a personal pension scheme which is available to all employees who are aged 18 and over who should have access to a stakeholder pension scheme. The employer must contribute an amount equal to at least 3% of the employee's basic pay into the pension scheme and the scheme must not have penalties for leaving it. The employer must also deduct the employee's contributions from their pay if asked to do so; or
offers an occupational scheme for some employees and a personal pension scheme for the remainder.

Maximum Amount
Most individuals can pay £2,808 per year into a plan and the Government will automatically add the grossed up equivalent of the basic rate of tax - £792 on a £2,808 investment - making a total investment for the year of £3,600.


There is growing speculation that the government is preparing to make sweeping changes to pensions legislation. You would be well advised to consider making pension arrangements before this happens as any changes may well apply only to future investments. Those already in place may escape and continue to enjoy the current system of reliefs.

It is also rumoured that the low charges on stakeholder pensions levied by some providers could rise in the future. Therefore, individuals thinking of starting up a new plan may well be encouraged to do so sooner rather than later.


 
Alternatively, here are some links to other popular providers of Mortgage Protection Insurance:
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.
UK Financial Service Online Rating:
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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.
UK Financial Service Online Rating:
First Plus
Comments: Freedomfinance typical loans range between £5,000 and £75,000 , although they can start at £1,000 and can go all the way up to £250,000 and beyond . Whatever your financial circumstances or history, Freedomfinance can help you get the money you need, when you need it - with terms tailored to ensure that your repayments suit your budget and with no extra or hidden costs. TYPICAL rate is 10.7% APR (VARIABLE) .
UK Financial Service Online Rating:
Comments: Chase Saunders advisors personally select the best home loan and interest rates for you. Our any purpose loans allow you the freedom to spend your loan amount as you wish.
A loan of £25,000 for 5 years has a typical APR of 7.9% (variable). Total repayment would be £30,177. The calculator on this site uses variable APR's from 7.9% for loans of £25,000 and above, to 10.9% for loans of £5,000 .
UK Financial Service Online Rating:
Comments: You can borrow from £5,000 to £100,000 for any reason, AND no matter what your circumstances, we will search the market to find the best loan for you, with a fast and friendly service. Get a decision in 1 minute and benefit from 0% on purchases for the first 6 months
and a low rate of 5.94% for the life of the balance on balance transfers. APR 12.9% (typical).
UK Financial Service Online Rating:
Comments:Secured Loan broker, sending leads to secured loan suppliers that are paying the best rates...
UK Financial Service Online Rating:
Comments:UK Loan Service is a secured loan broker with a strong focus on customer service, which means a 25% conversion rate on valid loan applications. All homeowners are welcome, no matter what credit history.
UK Financial Service Online Rating:
Comments: Arrange home owner secured loans even if you have poor credit rating, have arrears or a county court judgment (CCJ).
UK Financial Service Online Rating:
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