Stakeholder summary
If you just want a quick overview of what a stakeholder pension plan is, look no further!
- Tax relief on contributions at your highest marginal rate
- A money purchase scheme
- Minimum contribution not more than £20
- Everyone is eligible unless they are already a member of an occupational scheme and earning more than £30,000 pa or are a company director.
- You can pay up to £3,600 pa gross into a plan irrespective of earnings.
- It may be possible to pay more than the £3,600 limit into a plan, provided any sum over this is justifiable under existing personal pension contribution limits.
- A single annual management charge of not more than 1% taken from the fund. There must be no up front charges
- You are free (no charges or penalties) to:
- Stop, increase, decrease or restart your pension contributions at any time
- Transfer your money to another stakeholder scheme.
- All plans will have a default investment choice, this is meant to help make buying a pension easier, it doesn’t mean the fund will necessarily be the right one for you. Seek advice!
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