Which are the Best Pension Providers

Before choosing between pension providers it is important you get reliable pension advice. You can seek pension advice from most high street banks, insurance companies or specialist firms. It is worth bearing in mind that most of these places sell pensions, so their advice may be bias in their favour.

There are a variety of different pensions available, all of which are designed to give a person some degree of financial stability in their retirement. Whether you choose between an investment, stakeholder or savings pension, each offers its own benefits. Most pension providers charge some sort of fee as well as having a cap on the earliest age a person can withdraw their pension. It is these sort of details that make reading the small print of your pension extremely important.

Aviva offer a stakeholder pension, with around 55 funds included and an investment management charge of 1%, paid annually. A stakeholder pension was originally designed to appeal to people of lower incomes. With some pension providers offering stakeholder pensions with a minimum initial investment of £1, Aviva asks for a £20 minimum investment and requires pension holders to be at least 55-years-old before they can withdraw on it.

Scottish Widows offer the Retirement Account pension, which has over 2000 funds to invest in. You are required to make monthly investments of at least £200 or one-off lump sum payments of £10,000. Scottish Widows was recently considered one of the top-performing pension providers, with their pension said to contain some of the most easy-to-manage and top returning funds. They do have an annual fee of around 0.7%, depending on your type of pension.

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