Understanding Personal Pensions
If you aren’t eligible to join a work pension or your employer does not offer such a scheme then you may want to establish a personal pension to provide for you in your retirement. Contributions will usually be made by the pension holder although occasionally the employer may wish to contribute.
The pension fund value which will determine the pension income when the holder reaches retirement age will depend upon the contributions made as well as the investment return.
There are two factors that control personal pensions:
- Lifetime allowance - the maximum amount you can put in your pension in your lifetime.
- Annual allowance - the maximum amount you can put in your pension each year.
Finding the best personal pension can be like wading through a minefield so if you are struggling to choose the right scheme for you or want to review your existing pension please do give us a call today on 0844 417 9517.
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