Personal
Pensions - UK
Sherlochs can help to find the right Personal Pension
Scheme For You. Free Independent Personal
Pension Advice & Information.
A personal pension is also
known as a private
pension. They are provided by pensions companies
and are intended to give you a second pension to
help you have a secure retirement. If you
cannot, or do not, pay into an
occupational
pension scheme, you may want to think
about a personal pension.
You may be able to contribute to a
personal pension or a
stakeholder
pension as well as an
occupational
pension. This will depend on your income
and the amount of contributions you currently pay.
These pensions can be paid as well as the basic
State Pension.
You can use a personal pension to
contract out of the
Additional State Pension.
How much you get depends on your pension scheme and
the payments you have made to it.
There are a
number of companies that can provide free Personal
Pension Information & Advice. Always seek
professional advice from a qualified financial
advisor. Use one of our free
Pension Calculators
to compare your options.
Self-invested personal pensions (Sipps)
offer greater flexibility and are about to become
very popular.
High rollers, no longer satisfied to leave their
retirement nest eggs in the hands of underperforming
fund managers, are increasingly switching to DIY
personal pensions.
Self-invested personal pensions (Sipps) offer far
greater flexibility than ordinary personal and
occupational pensions because you can have many
types of investment in them, including British and
foreign stocks, unit trusts, investments trusts,
managed life funds, unit-linked funds, and even
commercial property.
This allows you to spread the
risk of products or providers performing badly. If
you are unhappy with the performance of your
ordinary personal-pension provider, switching to
another provider is simply not cost-effective in the
early years because charges are often loaded on to
the first years' contributions. You are effectively
forced to freeze your pension and start up another
one with another provider, incurring more set-up
costs.
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