A Stakeholder Pension is a type of personal pension that has to meet certain minimum standards set by the Government. The Government’s aim is to make sure they are good value. The charges by the pension provider are capped. Charges can have a significant effect on the size of your pension. Stakeholder Pensions are open to everyone and may be worth looking into if you are self-employed or if your employer does not offer a company pension.
You can take a Stakeholder Pension out yourself, or it may be available through your employer, but it is not classified as an occupational pension. Because most businesses employing five or more employees were required to make a stakeholder pension available to their staff from 8 October 2001, your employer may have gone to the first provider who offered to save him from worrying about the red tape. Accordingly, the Personal Pension available through your employer may not be the best one for you, despite the fact it complies with the Regulations.
You do not have to be working to contribute to a Stakeholder Pension. You can contribute as little as £20 at a time and you do not have to contribute every month if you can’t afford it.
Starting in 2012 and rolling over the following few years, there will be a new way of saving at work. In the new system, you will automatically be enrolled into a pension by your employer – unless you are already in a suitable scheme. On top of any contributions made by you, your employer will pay in, and the government will contribute through tax relief. You will be able to opt out if you want.
Our initial appointment is free of charge – no matter how long it takes. We are happy to meet at your home or office in London or Hertfordshire. We may visit your home or office in another part of the UK. If you are further away, or you prefer, we offer meetings by SKYPE video-conferencing. Taking a little bit of time now can improve your standard of living in retirement quite substantially. Call us now to book an appointment to start the process. It is your first step to a better retirement.
The value of a unit linked investment is not guaranteed on encashment and you may not get back the full amount invested