Personal Pensions Plan
A Personal Pension Plan is a long-term investment vehicle that can help you set aside money for retirement. Designed for individuals that don’t have a pension scheme through work and who want to set aside money themselves, they are well suited to those who are self-employed.
Unlike a company pension, where your employer can make contributions on your behalf, only you can make contributions to a Personal Pension Plan. The value of your Personal Pension Plan will depend on the contributions you make over time and the investment return the funds within your plan achieve. A Personal Pension Plan is a tax-efficient way to save for your retirement as your monthly contribution to your plan qualifies for Income Tax relief at your marginal tax rate.
There are typically many options available including low-and high-risk funds, managed or mixed funds and self-directed funds where you choose assets you invest in.