Small Self Administered Schemes
Personal pensions
10 April 2006
A personal pension is available to all employees who are not members of a company scheme and to the self-employed. There is no requirement for your employer to contribute to your pension.
A personal pension is your individual pension plan that moves with you as you change jobs.
New pension rules mean you can save as much as you like into any number and type of pensions (irrespective of age) - and get tax relief on contributions of up to 100 per cent of your earnings each year, subject to a lifetime allowance which is currently £1.5 million.
Personal Pension benefits can be taken at any time between 50 and 75 and up to 25 per cent of the value of your pension can be taken as a tax-free lump sum.
Find out how your pension is performing.
Advertisement
Spread Trading. New from Halifax Share Dealing
£100 credit when you open five trades within 60 days – terms apply. Spread Trading is not for everyone please ensure you understand the risks as you may lose more than your initial deposit. Click here for more information.
The TaxGuide.co.uk has a wealth of tips and advice from working out your tax bill, through to the latest personal tax rules. Get your personal tax tips today.
FREE Report: Inside Investment Trusts
Written by the team behind What Investment, this exclusive FREE report covers:
- Why Investment Trusts are better than Unit Trusts
- How new legislation is broadening the appeal of Investment Trusts
- Where to look for buying opportunities
- Why now is the time to buy Investment Trusts
- The Investment Trusts to invest in at the moment


Comments
Please register or login to comment on this article.