Personal Pension Plans were introduced on 1 July 1988.
Who can have a personal pension plan?
What can I pay into a personal pension plan?
The current maximum you can pay into a pension for tax year 06/04/2023 to 05/04/2024 is the lower of:
What happens to my money that I have paid in?
Pension funds invest in a wide range of areas such as cash, property, fixed interest stock, bonds, shares, overseas shares and many more.
When can I retire from a personal pension plan?
You can retire from age 55 but this increases to age 57 in April 2028.
What happens to my personal pension plan at retirement?
At retirement you are allowed to receive a tax free (if in UK) lump sum of 25% of the fund value and the remaining 75% is used for retirement income.
There are two types of income style at the chosen retirement date; some are more risky than others:
What happens if I die?
If you die before you have retired i.e., not taken income or tax-free cash from your pension your heirs will normally receive the whole pension fund as a lump sum tax free.
If you die and you are already receiving benefits, cash or pension or both, if it is:
Can I have PPP Life Insurance Cover? No
Waiver of premium benefit is offered by some pension providers as a bolt on option to your personal pension but usually you must select it when you start the pension to pay the premiums on your pension policy if you are unable to work due to long term illness.
More on Personal Pension Plans: PPP
Heard of Self Invested Personal Pensions (SIPPs), where you/your financial adviser chooses where to invest rather than a fund manager?
Other Useful Links: Contact Call Back Calculators Our Fees
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