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Pension Types Explained

There might still be a state pension in 40 years, but don't expect it to cover a life of luxury. The current basic state retirement pension is only £84.25 per week for a single person. That's why if it is available you should consider joining a company pension or consider investing into a personal pension plan or stakeholder pension

Here Are Some Of The Most Popular Options:

• Company Pensions: If you have the chance to join one, this is generally considered the best option because your employer picks up most or even all of the cost of providing the scheme. Sometimes, the company may even contribute towards your pension. In essence there are two kinds of company pensions, Money Purchase and Final Salary. In addition, your company may also give you the option of making an Additional Voluntary Contribution (AVC).
• Personal Pension Plan (PPP): A good well managed fully funded personal pension plan will give you the option of retiring when you want to - usually any time between the ages of 50 and 75. Some will also allow you to access the funds held within the plan when permissible to provide the flexible phasing out your work gradually, rather than stopping suddenly. And allow you to reduce or suspend your contributions if needed without penalty. PPPs are a useful option if you move jobs frequently or are self-employed.
• Stakeholder Pensions: The government launched this scheme primarily for people who don't have access to a company pension plan and for whom personal pensions are unsuitable - in other words, those on low incomes. But, in fact, all sorts of people can make use of them. Essentially, stakeholder pensions are simplified, cheaper versions of personal pensions, and providers aren't allowed to charge anything other than an annual management fee, capped at 1 per cent. Employers that don't offer a company scheme must give employees access to a stakeholder pension scheme, though they don't have to contribute. Flexibility is a key feature - you can transfer to another scheme at no cost (helpful if you switch jobs regularly) and you can stop, start and vary contributions without any penalties.