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Stakeholder Pensions and Planning for Retirement
We all know that starting a pension is a crucial step in planning for a good retirement, as for most people the state pension alone won’t be enough to support us in older age. Choosing the right type of pension can be complex. Here we take a look at Stakeholder Pensions and whether they will suit you.
What is a stakeholder pension?
A stakeholder pension is a type of personal pension, where you make regular payments that are invested to give you an income when you retire.
How do stakeholder pensions work?
Stakeholder pensions have to meet minimum standards set by the Government. These include:
- Charges cannot exceed 1.5% of the fund’s value for the first ten years, and 1% after that
- Minimum contributions are £20 per month
- You can stop and start payments when you like
- You can switch providers free of charge
It’s never too early to prepare – how can CT Wealth Management help me?
The sooner you get a pension in place, the more money you stand to have in retirement – the aim is for your pot to grow over the long term. Our team of financial advisers are here to help you explore the many options you have for retirement, and find the right products for your needs.
We’ll do all the comparisons for you so that you get a good value personal pension that works for you. Contact us today for a chat about how we can help you.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.