Can I get one?
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It was once the case that you could not have an individual pension if you
also had an occupational pension (i.e. a company pension). However the rules
changed with the introduction of the stakeholder pension and now more people
than ever can get an individual pension. Personal Pensions and Stakeholder
Pensions are only available to people who are UK resident and are under 75 years
of age. The difference between Personal
Pensions and Stakeholder Pensions is outlined in the next section.
If you are NOT in an occupational (company) pension scheme
You can definitely get yourself an individual pension. Stakeholder
Pensions and Personal Pensions
are available to all people who are not in occupational schemes (and some people
who are). The amount you will be able to contribute will depend on your
earnings. However even if you do not have any earnings (so this will include
spouses who do not work and potentially your children) you can still contribute
up to £3,600 per year.
If you are in an occupational (company) pension scheme
You can only contribute to a Personal Pension
or Stakeholder Pension if you have earned less than
£30,000 per year in any of the last five tax years. To see what you have earned
in the last five years look at your P60's). If you earn in excess of this then
you are not permitted to take out a stakeholder pension.
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Read the guide to
investment in the pensions guide. It explains what you need to
think about before investing for your retirement.
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If you have a pensions
related question then please let us
know.
If it's something other people
would find useful then we will post an answer in our Frequently Asked Question
(FAQ) area.
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Use our online calculator
to get an estimate of your basic state pension.
Its free and
simple to use you can even include it on your own website!
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Get the FREE Pension calculators from Essential Pensions.
No money, no
registration, just include one line of HTML in your web page.
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