A pension plan is flexible and simple, any growth is free from capital gains tax and pays no UK income tax on income received.
Our Select Pension Plan provides added flexibility by allowing you to choose the funds that your contributions are invested into.
As well as providing benefits to your beneficiaries if you die, you have choices on how to take the benefits anytime after the age of 55 (57 from 2028) whether you are still working or not.
You can make single contributions into a Select Pension Plan by cheque or bank transfer and make regular contributions by direct debit, or by transferring the value of another pension scheme into your Select Pension Plan.
Changes to the funds that your contributions are invested in to can be made at any time, you can find details and view the performance of funds via our Fund Centre.
Our Select Pension Plan also lets you start a pension for your children to help establish their financial future. It’s a simple, tax efficient way to give a child a valuable head start.
For every £80 contributed a further £20 will be added in tax relief. Invest a maximum contribution of up to £2,880 per child each tax year and HMRC will top this up with a further £720 to give an investment of £3,600. This is a long-term investment giving children a head start. And when they get into their 20s and 30s they will already have a fund they can build on.
A Select Pension Plan has the added benefit of access to My Investments where you can monitor the performance of your pension.
If you choose to invest your contributions in to with-profits funds an annual bonus rate, terminal bonus or market value reduction may be applied to you pension pot. You can view the annual bonus rates for the With-Profits Fund.