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A Stakeholder Pension (SP) is a type of Personal Pension Plan designed to provide an optional lump sum and income in retirement. In common with a Personal Pension Plan, Stakeholder Pensions are available to any United Kingdom resident under the age of 75.
You, in conjunction with your adviser, choose the pension provider and make the arrangements for paying the contributions to the plan.
You can start a SP even if you have a workplace pension or if you’re self-employed and don’t have a workplace pension. You don’t have to be working to take out a SP and you can also provide a SP for your spouse/partner or your child/children.
When you contribute to a SP, your money is invested by the pension provider (usually an insurance company) to build up a fund/pension pot over a number of years.
A Stakeholder Pension incorporates a set of minimum standards established by the government, which include:
The key point about SPs, as with any other pension, is to start contributing as early as possible and keep making contributions for as long as possible. That way your pension pot has time to build up and the investment returns compound through reinvestment over many years. The result should be a significant sum of money to invest when you retire.
If you die before age 75 and you have not started to take benefits from your pension the funds will normally be passed to your spouse or other elected beneficiary free of inheritance tax. Other tax charges may apply depending on the circumstances.
It is possible to continue past age 75 without taking benefits. If you die after age 75 your pension pot can still be passed to a nominated beneficiary free of inheritance tax, however if paid as a lump sum, tax at the beneficiaries marginal rate will apply (2020/21). If it is paid as an income to your spouse or dependant there will be no initial tax charge but any income paid would be subject to income tax.
A PENSION IS A LONG TERM INVESTMENT, THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.
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After all the years in which I have put my faith in you regarding my savings, I have never felt disappointed or let down and I am sure that this will be the same now. Please keep me informed as I know you will and whatever you feel is the right way forward, you are the expert so I look to you for your advice.
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Frobisher Capital Ltd is authorised and regulated by the Financial Conduct Authority.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us you may refer it to the Financial Ombudsman Service or by contacting them on 0800 0234 567
Frobisher Capital Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 583211.
Registered in England and Wales under Company Number 06684698
Registered office at One Crown Square, Church Street East, Woking, Surrey. GU21 6HR
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
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