Personal Pensions
A personal pension is a long-term investment which offers you a tax efficient way to build up a fund to use when you retire. If you are self-employed, or your company does not have a company pension scheme, a personal pension could be the right way to save for your retirement.
Find out more about pensions
Why choose a personal pension?
- Fund choice – Access to a limited range of investment fund, sectors and providers
- Clear charges – just a single Annual Management Charge (AMC), although unlike a stakeholder pension, these are not capped
- You can make regular and/or one-off payments
Suitable for:
Someone who does not have access to a company pension scheme and wants to choose from a limited range of funds to maximise the potential performance of their pension.
The main benefits of a personal pension are:
- Your pension attracts tax relief at the rate you pay. So if you are a basic rate tax payer, for every £80 you contribute, a £100 is actually paid into your pension.
- You can decide to stop, restart, increase or decrease (to typically no less than £100 per month) your payments to suit your circumstances.
You can invest regularly into a personal pension contributing on a monthly basis, or you can make one-off payments whenever you like. The minimum amounts you can pay in depend on the pension provider you choose, but typically they start from just £100 a month and restrict one-off payments to at least £2,000.
You can also get tax relief on your contributions, so you automatically receive 20% added to your contribution by the government. Both the amount you can contribute into a personal pension and the level of tax relief you may claim are subject to HMRC limits. Higher rate tax payers may be able to claim back additional tax relief through self assessment.
The Annual Management Charge depends upon the provider you choose.
When you invest with TQ Invest we sacrifice much of our commission to reduce the initial and ongoing charges.
By saving into a personal pension you are not restricting your options are retirement.
The earliest date you can access your retirement savings is 55. You can take up to 25% of your pension as tax-free cash. The remainder of your money has to be used to provide you with an income, although you have until you are 77 before you have to do this.
There are a range of ways you can take your retirement income. The simplest route to an income at retirement is with an annuity and a range of these products are offered through TQ Invest.
More complex products such as Income Drawdown, Investment Linked Annuities and Alternatively Secured Pensions require the advice of an Independent Financial Adviser. You can talk through these options by speaking to our sister company Torquil Clark, a Chartered firm of Independent Financial Advisers.
Find out more about annuities or get an annuity quote.
Next steps
- Call us on
0800 294 7221 - Our team will discuss your options and provide you with quotes from your chosen providers.
- When you are ready we will process the application for you - it's as easy as that!
Other pension options available to you through TQ Invest:
Stakeholder Pensions
Ideal if you want to keep your pension arrangements simple.
Our trusted providers
We choose providers we believe provide the best value. Here are some of our trusted providers:
Need help?
Call our team at TQ Invest on 0800 294 7221 to discuss your options or read some of the pension FAQs.