Pensions Network - Staholder, Pensions and Annuities
Pensions - What are they?

Stakeholder pensions are secure, flexible, low cost and value for money pensions. They are ideal for people to save for retirement.

Pensions UK pension plan- You can invest at any level up to the Inland Revenue permitted maximum of £3600 per annum or your total earned income in each year, whichever the greater, including your contributions to company pensions and AVC schemes

Pensions can put your contributions into investments such as stocks and shares, property or cash for you.

At retirement, up to 25% of the value of your stakeholder pensions can be taken as tax-free cash and the balance used to provide an income. Benefits can be taken in many ways and you can choose what is best to suit their circumstances.

If you have not yet made any arrangements for a second pension, stakeholder pensions may be the best option for you. But whether a stakeholder pension is right for you will depend on your circumstances. If you have made some arrangements, you should think about whether the basic state retirement pension and any additional pension, together with any arrangements you have already made, will be enough to meet your needs at retirement.

Personal Pension Transfers

Stakeholder Pensions -Whilst you can transfer into any UK stakeholder pension with no initial charge, there are still a number of factors that need to be considered. If you are considering transferring your pension away from your current pension provider, the main factors you have to consider, is the possible benefits of transferring against the associated costs and penalties of moving from your existing provider.

The easiest way to make a charge comparison is to ask your provider for a Current Valuation and Transfer Value. This will enable you to see what the costs are in moving away from your current provider. In addition by asking your insurance company to provide a pensions projection to your chosen retirement age, you can make a comparison with a newer pension contract. This will assist in making a decision as to whether a transfer is the best thing to do.

This site has attempted to highlight the main factors that could influence whether or not transferring to another provider is the right thing to do, there may be other reasons as to whether this is a suitable product to transfer to and if you are in any doubt you should seek independent financial advice.

Transferring from a company scheme

Legislation surrounding company schemes has continuously become more complex. To transfer your funds out of a "Company Scheme" into a stake holder, a transfer specialist must produce a full transfer analysis and advise you as to what your options are and the most appropriate course of action.

Before you reach retirement it is worth assessing what you want from your pension and considering the available options. We have tried to highlight the main options in considering transferring from a Company Scheme;

. Leave the pension with your ex-employer.
. Transfer it to another company scheme.
. Transfer it to a Stakeholder/Personal Pension Plan.
. Transfer it to Section 32 Buy Out Plans.
. Final Salary Guarantees and Scheme Wind Ups.

Annuity purchase, both Single and Joint life Annuities

There are a number of different retirement income options you can choose when setting annuities up. The options you choose will affect the level of income you receive from your annuity.

  • Death in Service Life Assurance
  • Group Permanent Health Insurance (income protection)
  • Executive Pension Plans
  • Group Private Medical Insurance
  • Group Critical Illness Insurance
© 2005-2008 Pensions Network. All rights reserved disclaimer | site map | contact us