Pensions
Pensions are financial tools whose purpose is the provision of money in old age.
Because it is considered good public policy to try and get people to save for their own retirement (rather than rely on the State) pension funds are given special tax treatment.
Over the years, however, governments have changed the system so much that it is all highly complex (much more complex than it should be).
The following links give a basic guide, but because of the complexity, professional advice is essential.
- pension funds
Pension Fund prices, performance charts and financial tools to help with your research.
A personal pension or stakeholder pension plan is a long-term contract. It is not possible to surrender a pension for a cash sum.
Future changes in pension legislation may adversely affect the plan, or the benefits derived from it.
Your future benefits will depend on fund growth in the period up to retirement and prevailing annuity rates at retirement. For instance early retirement is likely to result in lower benefits, both because of the shorter period of growth and the higher cost of annuities for younger retirees.
The value of unit-linked pension funds is related to the markets in which they invest and thus will rise and fall in line with those markets. Past performance is not necessarily a guide to the future.
The benefits derived from a personal pension or stakeholder pension plan are in addition to any State pensions you may be entitled to. They may result in you becoming ineligible for State benefits such as the Minimum Income Guarantee/Pension Credit and Housing & Council Tax Benefits.
All pensions in payment are treated as earned (as distinct from investment) income and assessed for Income Tax.
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