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Individual Pension Investment

Organizing a pension investment is a cost-effective way of saving money to look after you in your retirement. The government offers tax relief for money paid in to a pension investment, meaning any money you put aside now can benefit you both in the short-term and the long-term.

Formulating a pension plan as early as possible is important, especially as life expectancy is increasing meaning people are living longer. For every £80 you pay into your individual pension investment, the government adds a £20 tax relief. This could be more if you are one of the higher paying tax bands. By making regular contributions to your investment, you are given the option to change how much you pay in each time. Many of the pension investment schemes allow your employer to also pay in to it, and allow you to move it around with you when you start other employment.

When looking around to start an individual pension investment, it is important you choose a reputable company, who are covered by the Ethical Engagement Policy. This means that if the company is to go out of business or be declared bankrupt before your pension matures, your money is insured and you will not lose a penny. The Co-Operative bank is covered by the policy and offers a free consultation with a pension’s advisor, either in your local branch or over the telephone.

Scottish Widows also do an individual pension investment, with the minimum payment being £200 per month. They also allow you to continue paying in to your investment, even when it is mature and you are receiving payments from it. This is ideal for people who reach retirement age but want to carry on working.

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