The Stakeholder Pension
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Stakeholder Pension Planning |
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Recently the government introduced a new type of pension plan , called a Stakeholder pension plan.
The idea behind the stakeholder pension plan is to apply strict rules as to the minimum that you are allowed to save, and the charges that insurance companies can levy. The maximum charge each year under these stakeholder pension plans is 1% of your fund. The minimum that you can start saving into a stakeholder pension plan is £20 per month. This represents extremely good value to you. Also, Stakeholder pensions are available to more people than before. You are allowed to save up to £3600 per year into a stakeholder pension plan, without reference to your earnings. This means that even the unemployed, retired or children can save for retirement. The only people that are not allowed to hold a stakeholder pension plan are non-UK residents and certain company directors who already hold a company pension scheme. |