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Stakeholder Pension

Stakeholder pension schemes are a type of registered personal pension scheme aimed at low or non-earners, and introduced in the UK on the 6th April in 2001 as a consequence of the Welfare Reform and Pensions Act 1999. They were intended to encourage more long-term saving for retirement. It is also possible to set up a stakeholder pension for a child, with the parents or grandparents making the contributions.

Stakeholder pensions are really a type of personal pension. The only difference is they have to meet a number of standards which include:

• a 1.5% limit on annual management charges
• they have to accept contributions as low as £20
• you can stop, start and change your contributions whenever you like

The features of stakeholder pensions were intended to make them cheaper to sell than existing personal pensions and to provide a more transparent and attractive saving vehicle.

A pension is a long term investment. Once money is paid into a pension it cannot usually be withdrawn until age 57. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefit available. It is always best to seek independent financial advice when considering a pension or planning for your retirement. For further information or advice please contact us on 01793 441845 or email us.

If you are interested in mortgages, protection or equity release please click here to go to Carter Moore LLP.







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