A Personal Pension is an arrangement in your name, specifically designed to provide you with an income into retirement. It is a very similar arrangement to a savings scheme, although it has very attractive tax advantages. They are very flexible arrangements designed to adapt with your changing circumstances.
To effect a Personal Pension you agree to pay a regular amount and/or a lump sum to the provider of the plan. When you pay into your personal pension, the Government gives you tax relief on your contributions to boost the value of your pension.
When you retire, you use your accumulated benefits to provide yourself with benefits into retirement, which usually come in the form of a regular pension and/or a tax-free lump sum, normally, of up to 25% of the value of the arrangement.
There are a wide variety of Personal Pensions available to you and we can help you find the most suitable product to meet your circumstances and future objectives.