Personal pensions in the UK (also commonly known as private pensions) can provide you with a regular income upon retirement.

What is a personal pension?

A personal pension is a plan to help fund your retirement. This will provide an income when you retire. Regular monthly amounts or lump sum payments are made to a personal pension which is then  invested on your behalf.

Is a personal pension right for you?

Your decision to choose or develop a personal pension in Scotland in the UK depends heavily both on how much you can afford to save for the pension and how much you would otherwise receive if you invested in other pensions.

A personal pension is best for people who are self-employed, employees of a company where the employer does not offer a company pension, employees who choose not to pay into a company pension.

When is a personal pension not best for you?

Generally, a personal pension is not best if your employer has offered you a company pension scheme or where there is a stakeholder pension scheme with an employer contribution.

Personal pension payments

In addition to your own payments into a personal pension, family members, your partner or other people can pay into your personal pension on your behalf.

Other factors when deciding on a personal pension

When deciding on a UK personal pension, other factors are relevant, such as the rules on making pension contributions, the amount of money that can be saved, the type and nature of investment of the money, pension provider charges etc.

When can you cash in your personal pension?

In Scotland and throughout the UK, you can take your personal pension from the age of 55, although most people wait until they are older than 60 years old before cashing in their pension. It is possible to wait until you are 75 years old before cashing in your pension.

It is possible through some pension schemes to take your personal pension before the age of 55.

Is retirement necessary for you to receive pension benefits?

Retirement is not necessary for you to receive your pension benefits.

Personal Pensions Advice Glasgow

We are widely recognised as pensions specialists & pension advisers in Glasgow, with a particular reputation for our active stance in providing individual and bespoke opportunities for our clients.

Approximately 80% of all pensions reviewed are found to be under-performing and in many cases yield less than a third of the potential offered.

If you think this might be happening to you, or your company, please give us a call for a free, no obligation initial review. Call us on 0141 331 0660.