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Personal Pension Schemes

The state pension of just over £450 a month, or £115.95 per week is unlikely to be enough for you to live the post-retirement lifestyle you’ve dreamed of and at Goldberg Steele Associates, we have two distinct options for you to choose from, Personal Pensions and Stakeholder Pensions.

Personal Pensions

A Personal Pension is a long-term investment policy that allows you to accrue a pool of money to be used in any way you wish when you retire.

  • They are available to UK residents under the age of 75
  • The policyholder contributes into the plan and the funds are invested
  • The amount payable on retirement is dependent on how much has been paid into the plan, the performance of the investment fund and the annuity rate at the date of retirement

This type of plan allows you to take either an income in retirement or a reduced income and up to 25% of the fund as a tax-free lump sum.

Stakeholder Pensions

Stakeholder Pensions have been available since April 2001 and they work in essentially the same way as Personal Pensions. The Government has set a number of minimum standards which must be adhered to -

  • The pension must provide an income for retirement using a minimum of 75% of the fund. The remaining 25% can be taken as a tax-free lump sum
  • Since 2005, the maximum annual charge is 1.5% of the fund value each year for the first 10 years, then 1% thereafter
  • The minimum contribution is £20 per month, however you can stop payments at any time
  • The plans have no entry or exit penalties
  • If you do not choose a fund, your money will be invested in a ‘default investment fund’

Both Personal Pensions and Stakeholder Pensions benefit from basic rate tax relief. As a practical example, for every £100 you want to save, you only pay £80. The remaining £20 is added by HMRC.

There are limits to the amount you can contribute in any one year as well as an annual allowance but our pensions experts will walk you through everything you need to know.

For further information about Goldberg Steele's range of pensions, please call 020 8371 3111 or email


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