Factsheet: Personal pensions | Money

<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xml:lang="en" lang="en"> <head><script type="text/javascript" src="https://web-static.archive.org/_static/js/bundle-playback.js?v=7YQSqjSh" charset="utf-8"></script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("http://web.archive.org/web"); __wm.wombat("http://www.guardian.co.uk/money/2007/oct/25/pensions","20090723094108","http://web.archive.org/","web","https://web-static.archive.org/_static/", "1248342068"); </script> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/banner-styles.css?v=p7PEIJWi" /> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/iconochive.css?v=3PDvdIFv" />  <script type="text/javascript"> document.domain = "guardian.co.uk"; </script> <title> Factsheet: Personal pensions | Money | guardian.co.uk </title> <meta http-equiv="content-type" content="text/html; charset=utf-8"/> <meta http-equiv="Content-Style-Type" content="text/css"/> <meta name="description" content="A personal pension is a savings scheme designed to pay out when you finish work. 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You may be able to survive on the <a href="http://web.archive.org/web/20090723094108/http://www.guardian.co.uk/money/2007/oct/25/state.pensions">state pension</a>, but if you want extra income a personal pension is one way to provide it.</p><p>Broadly speaking, there are three types of personal pension: <strong>stakeholder</strong>, <strong>standard</strong> and <strong>self-invested personal pensions (Sipps)</strong>. Which type is suitable for you depends on how involved you want to be in your investment, your attitude to risk, and the amount you can afford to save. </p><p>Whichever you choose, you will make regular contributions into the scheme until you choose to retire. The money will be invested on your behalf, and your fund will grow in line with the performance of the investments.</p><p>When you reach retirement you will be able to take up to 25% of your fund as a tax-free lump sum, and use the rest to provide an income for the rest of your life.</p><p>Remember, the earlier you start paying into a pension, the longer it has to grow so you can retire on a comfortable income.</p><h2>Maximum contributions</h2> <span class="inline"> <img src="http://web.archive.org/web/20090723094108im_/http://static.guim.co.uk/sys-images/Money/Pix/pictures/2007/10/03/pensionbook1220.jpg" alt="Pension book" width="220" height="130"/> </a> <span class="caption" style="width: 220px;"> Tax relief is available on your savings to help boost the amount you retire on. Photograph: Graeme Robertson/Getty </span> </span> <p>You can pay up to 拢225,000 a year in total into all your personal and employer pension pots, with a lifetime limit on the fund of 拢1.6m. This is set to rise to 拢1.8m by 2010-11.</p><p>However, you only get tax relief on a sum equivalent to 100% of your earnings. </p><p>If you are not earning, perhaps because you have taken a career break, you can still pay into a personal pension provider, but your contributions are limited to 拢3,600 a year, after tax-relief.</p><h2>Tax-relief on personal pensions</h2><p>To encourage you to save for retirement the government boosts your contributions to a personal pension by your highest rate of income tax. So, for example, if you are a basic-rate taxpayer and you want to make a 拢1,000 contribution to a pension plan, it will only cost you 拢780 with the taxman topping up your contribution with the balance of 拢220.</p><p>For a higher-rate taxpayer the relief is worth 40%, but only 22% is paid straight into your pension. You have to reclaim the difference between basic and higher-rate tax relief through your annual tax return.</p><h2>Stakeholder personal pensions</h2><p>These are the simplest form of personal pension and are designed for people seeking a no-fuss retirement savings vehicle. The investment choice is limited, usually to the pension provider's in-house funds.</p><p>Stakeholder schemes are low-cost and provide easy access for savers. The rules state that providers must accept payments of just 拢20, and the maximum they can charge for the scheme is 1.5% a year.</p><p>The provider cannot charge members for transferring money into or out of a stakeholder scheme. </p><h2>Standard personal pensions </h2> <span class="inline"> <img src="http://web.archive.org/web/20090723094108im_/http://static.guim.co.uk/sys-images/Money/Pix/pictures/2007/10/03/pensionadvice220.jpg" alt="Pensioners taking financial advice" width="220" height="130"/> </a> <span class="caption" style="width: 220px;"> You can seek advice to find out which pension is most suitable for you. Photograph: Ryan McVay/Getty </span> </span> <p>These offer more investment choice than stakeholder plans, with between 40 and 400 funds available from a range of managers. </p><p>Many personal pension providers have now brought their plans in line with the stakeholder model, capping charges at 1.5% a year for the first 10 years and 1% thereafter.</p><p>In the past, personal pensions were severely criticised for applying steep charges without limit. They were renowned for using a process called 'front-end loading', meaning they levied very high initial charges, sometimes equivalent to 80% of the first year's contributions.</p><p>Be aware there is still no limit on personal pension charges outside a stakeholder, so check what these are before you apply.</p><h2>Self-invested personal pensions (Sipps)</h2><p>These are a step on from standard personal pensions and give a wider investment choice, usually at a higher cost. For those wanting to pick and choose the funds in which their pension invests, a Sipp may be a suitable choice.</p><p>These benefit from the same tax relief as standard personal pensions, providing the investments are on HM Revenue & Custom's approved list. This includes life insurers, commercial property, unit and investment trusts, equities, cash deposits, and futures and options. </p><p>Dealing charges and management fees vary dramatically between providers, and can be hefty, making Sipps traditionally suited to high-net worth individuals.</p><p>As well as set-up charges of between 拢400 and 拢500, and annual charges of around the same sum, you face initial and annual charges for each investment made.</p><p>However, newer stakeholder-style contracts with lower charges are gradually being introduced,, giving Sipps wider appeal - although you can't invest in commercial property through these.</p><p>Sipps are available from independent financial advisers and stockbrokers, as well as from traditional pension providers.</p> </div> </div> <div id="related"> <ul id="article-toolbox-side"> <li class="printable"><a href="http://web.archive.org/web/20090723094108/http://www.guardian.co.uk/money/2007/oct/25/pensions/print" rel="nofollow" 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class="finance-pane active-pane"> <div class="finance-table"> <table id="mortgage-table"> <col class="title"/> <col class="rate"/> <col class="more-info"/> <thead> <tr> <th scope="col">Lender</th> <th scope="col">Initial rate</th> <td></td> </tr> </thead> <tbody> <tr> <th scope="row" class="finance-row">First Direct</th> <td>2.98%</td> <td id="1.moreInfo"> <a href="http://web.archive.org/web/20090723094108/http://guardian.lcplc-online.co.uk/BestBuy.aspx?GUProdID=3444&Type=F" name="&lid={compareAndBuyPromo}{First Direct|link|Money}&lpos={compareAndBuyPromo}{1}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">Halifax</th> <td>6.39%</td> <td id="2.moreInfo"> <a href="http://web.archive.org/web/20090723094108/http://guardian.lcplc-online.co.uk/BestBuy.aspx?GUProdID=3639&Type=F" name="&lid={compareAndBuyPromo}{Halifax|link|Money}&lpos={compareAndBuyPromo}{2}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">First Direct</th> <td>2.98%</td> <td id="3.moreInfo"> 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scope="col">Name</th> <th scope="col">BT Rate</th> <th scope="col">BT Period</th> <th scope="col"></th> </tr> </thead> <tbody> <tr> <th scope="row" class="finance-row">Virgin Credit Card</th> <td>0%</td> <td>16 mths</td> <td id="1.moreInfo"> <a href="http://web.archive.org/web/20090723094108/http://www.moneysupermarket.com/CardsP/DoIQualifyExternal.asp?CardID=671&ProviderID=790&Source=GU07&BestBuy=1&Url=http://ad.uk.doubleclick.net/clk;207240094;29508258;g?http://uk.virginmoney.com/credit-cards/?source=MSP-AGG-50562-55903~amp~targetURL=/virgin/credit-cards-v7&CatID=163" name="&lid={compareAndBuyPromo}{Virgin Credit Card|link|Money}&lpos={compareAndBuyPromo}{6}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">NatWest Platinum</th> <td>0%</td> <td>15 mths</td> <td id="2.moreInfo"> <a 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document.getElementById('toggleable').getElementsByTagName('div'); for (var i = 0; i < toggleable.length; i++) { toggleable[i].style.display = 'none'; } } //]]> </script> <div id="find-a-property"> <ul class="tab-toggle"> <li> <a href="#find-a-house-to-buy">Buy<b></b></a> </li> <li> <a href="#find-a-house-to-rent" class="inactive">Rent<b></b></a> </li> </ul> <div id="toggleable"> <div id="find-a-house-to-buy"> <form onsubmit="hb_find_a_house('buy', 1)" target="_top" method="post" action="http://web.archive.org/web/20090723094108/http://www.thinkproperty.com/guardian/property/search" id="propertysearchform"> <fieldset> <legend>Buy</legend> <p> <label for="geo">Location:</label> <input name="geo" id="geo" type="text"/> <input name="aliasid" id="alias" value="0" type="hidden"/> </p> <p> <label for="lop">Minimum price:</label> <select name="lop"> <option value="20000">£20,000</option> <option value="30000">£30,000</option> <option value="40000">£40,000</option> <option value="50000">£50,000</option> <option value="60000">£60,000</option> <option value="70000">£70,000</option> <option value="80000">£80,000</option> <option value="90000">£90,000</option> <option value="100000">£100,000</option> <option value="110000">£110,000</option> <option value="120000">£120,000</option> <option value="130000">£130,000</option> <option value="140000">£140,000</option> <option value="150000">£150,000</option> <option value="160000">£160,000</option> <option value="170000">£170,000</option> <option value="180000">£180,000</option> <option value="190000">£190,000</option> <option value="200000">£200,000</option> <option value="225000">£225,000</option> <option value="250000">£250,000</option> <option value="275000">£275,000</option> <option value="300000">£300,000</option> <option value="325000">£325,000</option> <option value="350000">£350,000</option> <option value="375000">£375,000</option> <option value="400000">£400,000</option> <option value="425000">£425,000</option> <option value="450000">£450,000</option> <option value="475000">£475,000</option> <option value="500000">£500,000</option> <option value="600000">£600,000</option> <option value="700000">£700,000</option> <option value="800000">£800,000</option> <option value="900000">£900,000</option> <option value="1000000">£1,000,000</option> <option value="1100000">£1,100,000</option> <option value="1200000">£1,200,000</option> <option value="1300000">£1,300,000</option> <option value="1400000">£1,400,000</option> <option value="1500000">£1,500,000</option> <option value="1600000">£1,600,000</option> <option value="1700000">£1,700,000</option> <option value="1800000">£1,800,000</option> <option value="1900000">£1,900,000</option> <option value="2000000">£2,000,000</option> <option value="2100000">£2,100,000</option> <option value="2200000">£2,200,000</option> <option value="2300000">£2,300,000</option> <option value="2400000">£2,400,000</option> <option value="2500000">£2,500,000</option> <option value="2600000">£2,600,000</option> <option value="2700000">£2,700,000</option> <option value="2800000">£2,800,000</option> <option value="3000000">£3,000,000</option> </select> </p> <p> <label for="hip">Maximum price:</label> <select name="hip"> <option value="20000">£20,000</option> <option value="30000">£30,000</option> <option value="40000">£40,000</option> <option value="50000">£50,000</option> <option value="60000">£60,000</option> <option value="70000">£70,000</option> <option value="80000">£80,000</option> <option value="90000">£90,000</option> <option value="100000">£100,000</option> <option value="110000">£110,000</option> <option value="120000">£120,000</option> <option value="130000">£130,000</option> <option value="140000">£140,000</option> <option value="150000">£150,000</option> <option value="160000">£160,000</option> <option value="170000">£170,000</option> <option value="180000">£180,000</option> <option value="190000">£190,000</option> <option value="200000">£200,000</option> <option value="225000">£225,000</option> <option value="250000">£250,000</option> <option value="275000">£275,000</option> <option value="300000">£300,000</option> <option value="325000">£325,000</option> <option value="350000">£350,000</option> <option value="375000">£375,000</option> <option value="400000">£400,000</option> <option value="425000">£425,000</option> <option value="450000">£450,000</option> <option value="475000">£475,000</option> <option value="500000">£500,000</option> <option value="600000">£600,000</option> <option value="700000">£700,000</option> <option value="800000">£800,000</option> <option value="900000">£900,000</option> <option value="1000000">£1,000,000</option> <option value="1100000">£1,100,000</option> <option value="1200000">£1,200,000</option> <option value="1300000">£1,300,000</option> <option value="1400000">£1,400,000</option> <option value="1500000">£1,500,000</option> <option value="1600000">£1,600,000</option> <option value="1700000">£1,700,000</option> <option value="1800000">£1,800,000</option> <option value="1900000">£1,900,000</option> <option value="2000000">£2,000,000</option> <option value="2100000">£2,100,000</option> <option value="2200000">£2,200,000</option> <option value="2300000">£2,300,000</option> <option value="2400000">£2,400,000</option> <option value="2500000">£2,500,000</option> <option value="2600000">£2,600,000</option> <option value="2700000">£2,700,000</option> <option value="2800000">£2,800,000</option> <option value="3000000" selected="selected">£3,000,000+</option> </select> </p> <p> <label for="bed">Min bedrooms:</label> <select name="bed" id="bed"> <option value="0" selected="selected">No preference</option> <option value="1">1+</option> <option value="2">2+</option> <option value="3">3+</option> <option value="4">4+</option> <option value="5">5+</option> </select> <input name="dbtype" value="1" type="hidden"/> </p> <p class="results"> <input name="submit" id="searchnow" title="Search for properties" value="Search now" type="submit"/> </p> </fieldset> </form> </div> <div id="find-a-house-to-rent" class="initially-off"> <form onsubmit="hb_find_a_house('rent', 2)" target="_top" method="post" action="http://web.archive.org/web/20090723094108/http://www.thinkproperty.com/guardian/property/search" id="propertysearchform"> <fieldset> <legend>Rent</legend> <p> <label for="geo">Location:</label> <input name="geo" id="geo" type="text"/> <input name="aliasid" id="alias" value="0" type="hidden"/> </p> <p> <label for="lop">Minimum price:</label> <select name="lop"> <option value="0" selected="selected">£0 pcm</option> <option value="100">£100 pcm</option> <option value="200">£200 pcm</option> <option value="300">£300 pcm</option> <option value="400">£400 pcm</option> <option value="500">£500 pcm</option> <option value="600">£600 pcm</option> <option value="700">£700 pcm</option> <option value="800">£800 pcm</option> <option value="900">£900 pcm</option> <option value="1000">£1,000 pcm</option> <option value="1250">£1,250 pcm</option> <option value="1500">£1,500 pcm</option> <option value="1750">£1,750 pcm</option> <option value="2000">£2,000 pcm</option> <option value="3000">£3,000 pcm</option> <option value="4000">£4,000 pcm</option> <option value="5000">£5,000 pcm</option> <option value="6000">£6,000 pcm</option> <option value="7000">£7,000 pcm</option> <option value="8000">£8,000 pcm</option> <option value="10000">£10,000 pcm</option> </select> </p> <p> <label for="hip">Maximum price:</label> <select name="hip"> <option value="0">£0 pcm</option> <option value="100">£100 pcm</option> <option value="200">£200 pcm</option> <option value="300">£300 pcm</option> <option value="400">£400 pcm</option> <option value="500">£500 pcm</option> <option value="600">£600 pcm</option> <option value="700">£700 pcm</option> <option value="800">£800 pcm</option> <option value="900">£900 pcm</option> <option value="1000">£1,000 pcm</option> <option value="1250">£1,250 pcm</option> <option value="1500">£1,500 pcm</option> <option value="1750">£1,750 pcm</option> <option value="2000">£2,000 pcm</option> <option value="3000">£3,000 pcm</option> <option value="4000">£4,000 pcm</option> <option value="5000">£5,000 pcm</option> <option value="6000">£6,000 pcm</option> <option value="7000">£7,000 pcm</option> <option value="8000">£8,000 pcm</option> <option value="10000" selected="selected">£10,000 pcm</option> </select> </p> <p> <label for="bed">Min bedrooms: </label> <select name="bed" id="bed"> <option value="0" selected="selected">No preference</option> <option value="1">1+</option> <option value="2">2+</option> <option value="3">3+</option> <option value="4">4+</option> <option value="5">5+</option> </select> <input name="dbtype" value="2" type="hidden"/> </p> <p> <input name="submit" id="searchnow" title="Search for properties" value="Search now" type="submit"/> </p> </fieldset> 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value="Go"/> <input type="hidden" name="gusrc" value="gu_jobs_box_Money"/> <input type="hidden" name="link" value="Money_jbx_go"/> <input type="hidden" name="industry" value="149"/> </fieldset> </form> <p class="find-a-job"> <a href="http://web.archive.org/web/20090723094108/http://jobs.guardian.co.uk/jobs/finance?gusrc=gu_jobs_box_Money&link=Money_jbx_brsesec" name="&lid={jobsBox}{Browse finance jobs}&lpos={jobsBox}{1}">Browse finance jobs</a> </p> <ul class="jobs"> <li class="odd"><h4> <a href="http://web.archive.org/web/20090723094108/http://jobs.guardian.co.uk/job/884482/risk-administrator-x-2?RSSSearch=0&gusrc=gu_jobs_box_Money&link=Money_jbx_vac" name="&lid={jobsBox}{Risk Administrator x 2|Money}&lpos={jobsBox}{2}">Risk Administrator x 2</a></h4> <p><span class="employer">child maintenance enforcement commission.</span> <span class="location">leeds.</span> <span class="wage">拢30,000 - 拢35,000.</span> </p> </li> <li><h4> <a 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