Private Pension
You may want to consider taking out private pension if you employer does not yet offer a pension scheme, if you are self-employed, or if you are simply looking to retain greater control over your investments.
Paying into a private pension scheme is a way of providing yourself with a income on retirement.
The are several different private pension options that may be suitable for your needs, including:
- Personal pensions - this type of pension plan is a form of money purchase pension. You pay regular contributions into the scheme and the fund is then invested on your behalf. How much you receive as a pension will depend on the amount you put into the fund and the subsequent performance of the investments made on your behalf.
- Stakeholder pensions - This type of pension plan is similar to a personal pension scheme. You pay contribution towards the scheme which are then invested on your behalf. How much you receive is also investment performance linked.
- Self invested personal pensions (SIPPs) - A SIPP will allow you to choose your own investments or appoint an investment manager to take care of your investments for you. You are likely to be given a wide range of investment options by your SIPP provider.
For expert impartial advice on private pensions and finding the right pension scheme for your needs, speak to a member of an independent pension advice team and receive a free initial consultation.
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