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Personal Accounts
The government is planning to introduce new legislation for occupational pensions in 2012. It will be mandatory for all employers to offer a pension known as a personal account, to which they will also contribute. Employees will pay a minimum of 4% and employers 3% of salary into the scheme and enrolment will be automatic although employees may opt out if they wish. If you are employed in 2012 when personal accounts come into force then it may be worthwhile reviewing your contributions into your personal plan as although you may continue with your private arrangement, if for affordability reasons you need to prioritise one over the other then the personal account should be your first option as it will benefit from employer contributions.
- Pension Service Brochure.pdf (1,058Kb)
If you have an old or frozen pension plan then you should have it reviewed by the qualified experts.
You may be able to:
- Increase the value of your pension
- Unlock your pension
- Consolidate your plans
- Save £thousands in pension charges
- Access better performing funds
- Release tax free cash from your plan
- Receive an immediate income
