Pensions

Think about the income and lifestyle that you enjoy today and ask yourself how you will maintain this when you retire?

For a single pensioner the state guaranteed minimum income is currently £130.00* per week. This is a reduction of over 70% on the average take home pay in the UK**. If you want to make the most of your retirement, you may need to take control of your own retirement planning with a Stakeholder Pension.

A stakeholder pension is available to all UK residents whether:

• employed (regardless of whether you are in a company scheme or not)
• self employed
• not in employment
• parents or grandparents can even contribute for their children

With a Stakeholder Pension, you can:

• make single or regular payments from just £20
• enjoy tax relief of up to 40% on all your payments (higher rate tax payers must claim additional relief through their tax return)
• take up to 25% of your pension fund as a cash lump sum 
• take your pension benefits at any time between the ages of 55 and 75 (50 if you take your benefits before 6 April 2010)

* Based on eligibility for the pensions credit 2009/2010.

** Based on the average working family take home pay of around £443 per week.  Department for Work and Pensions, April 2008.