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 Tel: 020 7060 1996 Fax: 020 7060 1997 E-mail: info@rmwm.co.uk
Principal - Marco Pietropoli |
Stakeholder Pensions
Stakeholder pension schemes were introduced in the UK by the Labour Party government in 2001 to encourage long term savings in relation to retirement. Stakeholder pension schemes are personal pension schemes which meet CAT standards (Cost, Access and Terms) imposed to reduce costs traditionally associated with saving for retirement.
Like personal pension schemes - stakeholder pensions must provide an income in retirement using a minimum of 75% of the fund. The remaining 25% can be taken as a pension commencement lump sum (tax free cash).
Originally the maximum annual charge was 1% of the fund value each year. Since 2005 this has increased to 1.5% of the fund value for each year until the 10th year and 1% thereafter.
There can be no penalty on exit or entrance to the scheme, and the minimum contribution is £20 per month. Benefits can be taken from age 50 (Increasing to 55 in 2010/11) and must be taken by age 75.
Income can be provided via a secured pension (annuity), unsecured pension (income withdrawal/drawdown) or from age 75 an alternatively secured pension
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