All Pensions

Aviva Pension

Investment amount
£2,400 per year
Funds available:
3,500
Fees
0.4% - 0.7% per year

From the age of 55, 25% of your defined contribution pension will be available tax-free. You’ll be taxed on the other 75% at your marginal rate rate. You may also be able to withdraw money tax free from a defined benefit pension, but usually this reduces the level of income you receive. Offers 3 types of pension: Workplace pension, individual pension and state pensions. 

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Canada Life Ltd Pension

Investment amount
£500
Funds available:
150
Fees
n/a

You and/or your employer can make single contributions. Invest your pension savings in a tax-efficient manner. Consolidate all your existing pension pots under the one plan. Pass benefits onto a beneficiary free of inheritance tax. Funds from a wide choice of leading investment managers. From age 55 onwards, access part or all of pension fund as a lump sum.

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Legal & General Pension

Investment amount
£2,400 per year
Funds available:
1,600
Fees
0.1% - 1%

If your investment in Legal & General funds is worth £40,000 throughout the year, the basic annual management charge would be £385. This is calculated as: (£25,000 x 1.0%) + (£15,000 x 0.9%), which is £250 + £135 = £385. The value of the investments that make up the pension pot can fall as well as rise, and is not guaranteed. If you decide to invest in any externally managed investment funds, an additional annual management charge (currently 0.15% a year) will apply to your investment in those funds only.

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Prudential Pension

Investment amount
£1,200 per year
Funds available:
1,500
Fees
0.25% - 0.65%

You can get tax relief on every penny you contribute, up to 100% of your annual earnings, with an upper limit of £40,000 (known as your annual allowance) in 2017/18. The government limits the amount that can be paid each year, to all your pensions, before incurring a tax charge. If you exceed this 'annual allowance' you may be liable to a tax charge and must tell HMRC through a tax return. Prudential will normally add the interest paid by the bank to your cash account monthly in arrears on the 10th of each month. The current rate of interest for the scheme bank is 0.07% below the Bank of England Base Rate, giving a current rate of 0.18% AER.

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Which pension company should I choose? 

A pension can offer financial stability when you retire by providing a monthly income. Some employers will offer pensions where they will contribute money to the plan for the duration you work there. However, some employers don’t have this scheme and the onus is on you to find a pension provider. 

When deciding on the right pension company, you should look for a provider that will offer a low annual management charge and will provide a pension based on the minimum amount you are willing to invest. 

Most providers will offer two options to choose from. Either a personal pension plan where the provider chooses the funds you invest in or a self-invested personal pension (SIPP) where you choose where you invest. An independent financial adviser can help you to decide how best to invest your money.

Remember, pension fund investments can go up or down so it’s wise to speak to an independent financial adviser if you are unsure of the pension to choose.

As most of us don’t want to or aren’t able to, work forever, it’s wise to put some of your earnings aside into a pension plan so you can stop working when you’re ready and have money to do able to enjoy your retirement. 

FAQs about pensions

What is a pension?

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What are my pension options?

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How much can I pay in to a pension?

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When can I withdraw my money from a pension?

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Are my pension contributions taxed?

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How does the state pension work?

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Have I left it too late to set up a pension?

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Is my money protected in a pension?

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