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Best Pension Plans

Best Pension Plans
How can you find the best pension plan? If you aren’t sure where to start, or what kind of pension plan to choose, keep reading to find out some simple information about some of the best pension plan options. You can use this short overview in order to help you pick which pension plan is right for you.
Stakeholder pensions are personal pensions which usually charge 1% of your plans total value, each year. The minimum payments you can typically make for a Stakeholder Pension is 20 PS, including any tax relief you may receive for choosing a Stakeholder Pension. You also have the choice of over 40 different investment funds, or more depending on your pension provider. The Stakeholder plan is a great choice because of the flexibility it can offer ac lient. You can stop, re-start and change your payment plan details in order to suit your goals. You can also choose options that will automatically move any money you invest in the plan, in order to protect the total value of your pension the closer you get to retiring.
Personal Pension plans are a little different from Stakeholder Pensions in that the charge will vary for these plans, depending on how much you choose to invest. The minimum payments on a Personal Pension plan can range from 20 PS if you make a single payment, up to 200 PS a month if you choose to operate without a single or transfer payment of 1,000 PS or more. For all of the regular and single payment amounts, the tax relief is included. The added benefit of the Personal Pension plan is the option to choose from over 250 investment fund, typically more. The flexibility of the Personal Pension plan is the same as that of the Stakeholder Pension, allowing investors greater options for payment.
Finally, a Pension Portfolio is the last type of pension you could choose from. The charges for this plan will depend on which investment level you pick. You can choose from core, choice or flex. In order to pay for this plan you can make regular payments based on a monthly, quarterly, half-yearly or yearly plan, or you could choose to make a single payment all at once. In addition, you could also pay for the plan by using a transfer of benefits from another pension scheme. For the Pension Portfolio option, you can choose from over 2,500 investment funds (depending on what level of investment you have chosen for this portfolio). Just like previous two pensions, you can stop, re-start or change your payments, as well as being able to move easily between the investment levels if you decide you would like to change your goals.
No matter which of these three pension plans you choose to go with, keep in mind that investing in a pension plan is a large decision and should not be taken lightly. There are also options for those who would like to speak to a financial advisor for free. If need be, we can help you locate an Independent Financial Advisor (“IFA”). An IFA can help you in your local area with multiple pension topics like annuities, transfers, consolidations, pension drawdown and tax planning.