Stakeholder Pensions
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Sherlochs Offers Information & Advice on
Stakeholder Pensions. Is a Stakeholder Pension right
for you?
Stakeholder Pensions were introduced by the
Government in April 2001. A
Stakeholder Pension is essentially a new type of personal pension. The difference is
that a Stakeholder Pension has limits to how much they cost (ie their charges)
and they are much more flexible. In other words they
are much fairer to the consumer than the old style personal pensions.
Stakeholder Pensions came
about for a number of reasons, mainly the various pensions scandals
which exposed gross overcharging and the problem of people not saving
enough for their retirement.
However, take
up of the stakeholder pension has been well below expectations.
It seems that it has mainly benefited the rich by providing them with a
vehicle for playing with their money, for example as a way of saving for
their children's' futures.
There are a number of companies
who can
provide excellent information on Stakeholder Pensions & other valuable
Pension advice.
There has go to be a catch
somewhere!
Well, there are certainly some disadvantages to
getting a stakeholder pension, and they are not
right for everyone. The risk factors associated with
them are:
Investment is linked to the stock
market, so can go up or down.
Once you have invested money, you cannot get it back
until after you are 50 .
The amount of income you will eventually get cannot
be guaranteed (it is dependent on how long you have
the pension for, how much you pay in, and interest
rate levels) .
The amount of tax relief and the rules governing
these pensions may change in the future.
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