Individual pensions

There are three main types of individual pensions - personal pensions, stakeholder pensions and self-invested personal pensions.

Each type benefits from tax relief - for every payment you make into your pension, subject to current government limits, you'll also get a tax relief payment from HM Revenue & Customs. Read about the tax benefits of pensions or try our tax relief calculator.

A personal pension is your own private pension that you can take from job to job. It is ideal if you don't have access to a company scheme or are self-employed. It is a type of money purchase pension. Read more about personal pensions.

Stakeholder pensions are similar to personal pensions and are also a money purchase type of pension. They are flexible and especially suitable if you can only afford to save small sums. Read more about stakeholder pensions.

A self-invested personal pension is a specialist type of product that allows you more flexibility over where your money is invested. They suit people who want to make their own investment decisions and are comfortable with taking on the higher associated risk.

This is based on our understanding, as at February 2012, of current taxation, legislation and HM Revenue & Customs practice, all of which is liable to change without notice. The impact of taxation (and any tax relief) depends on individual circumstances.