Personal pensions
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.
Essentially, you pay money into your plan and choose where to invest it from a range of funds. These are managed on your behalf. The fund is normally used to buy an annuity (a taxable income for life) when you retire.
The final value of your pension pot at retirement will depend on several factors including how much you've contributed, the investment performance, and fund charges. Read more in What happens when I near retirement?
You may have a group personal pension, which is a type of personal pension but provided through your employer - read more about group personal pensions.
Is a personal pension right for me?
Deciding whether a personal pension is right for you depends on your individual circumstances.
It might be right for you if;
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- You're self-employed.
- You're not working but can afford to pay into a pension.
- You're employed but your employer doesn't offer a company pension.
It might not be right if;
- Your employer offers access to a company pension scheme. If they do, you should seriously consider joining it.
- Your employer offer access to a stakeholder pension scheme, which it contributes to.
