Stakeholder Pension
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Who should have a Stakeholder Pension?
Almost anybody, whether they are employed (and not earning over £30,000 per tax year), self-employed or not even working, providing they can afford the premiums.
What is the maximum contribution?
The maximum contribution is £3,600 per tax year, inclusive of tax relief. All contributions are paid net of basic tax (currently 20%) but if you are a higher rate payer, relief can be claimed through your tax return at the year end.
When and how will my Pension be paid?
Currently anytime between your 50th & 75th birthday, but this will rise to 55 after 5th April 2010 in line with new government legislation. The contributions that you have made are then used to puchase an annuity. There are certain regulations surrounding the puchase of an annuity if the pension fund has been funded by rebates from National Insurance contributions (For more details Contact us ).