Stakeholder Pension Quotes & Advice…
Stakeholder Pension schemes were introduced to encourage people to put more away for their retirement. So, what are the advantages of Stakeholder Pensions and how do you know if they will be the best type of pension for you?
What are Stakeholder Pensions? Introduced by the government in 2001, stakeholder pensions are personal pension arrangements aimed at employees on low to middle incomes (between £10,000 and 20,000 per annum) as a means of encouraging saving for retirement. Any company with more than five employees is obliged, by law, to provide a Stakeholder Pension Scheme. Benefits of Stakeholder Pensions include:
- Flexibility in taking breaks from payments without being penalised
- Suited to any UK resident under the age of 75 (even if you are unemployed)
- A cheaper and more flexible pension scheme option compared to Personal Pension Plans (the maximum charge is set at 1.5% for the first ten years and 1% thereafter)
- There are no penalties if you wish to move the stakeholder pension scheme to another provider
- A maximum of 10% of the premium can be used for life assurance
- Your employer is able to make payments into a Stakeholder pension plan for your benefit
Stakeholder Pensions may be best suited to you if you are on a low to moderate income (from £10,000 to £20,000 per annum) or your employer does not provide an Occupational Pension Scheme. If you are interested in examining Stakeholder Pension options, then it is advisable to discuss it with a professional pension adviser.
Our Pension Service provides:-
- Impartial quotes & advice on your stakeholder pension options.
- Advice on transferring pensions and transfer analysis comparing existing scheme benefits with the new scheme
- Information & Advice on Self Invested Pension schemes
- Assessment of your circumstances to find the most suitable type of pension for you.
- Helping you with the relevant paperwork to ensure that your pension is processed smoothly.
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