Financial Services > Pensions > Personal Pensions


A personal pension is available either on its own or as part of a group where an employer is sponsoring the overall arrangement. In both cases the policy belongs to you and no one else has access to it and so it can viewed simply as your personal retirement saving scheme.

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Tax relief is given to anybody who puts money into a Personal Pension and the limits to contributions are so high that few people will be breaking them.

With no earnings at all someone can save £2,880 per year into a pension.

With this type of pension scheme you are in complete control because you are taking all of the risks. You decide how much you wish to save and where the money is to be invested, and these two decisions will have a large impact upon the date that you will be able to afford to retire - and the quality of your life in retirement.

At the moment you can claim your benefits at any time from your 55th birthday - although this is likely to be changed in the future as governments try to persuade us all to work longer.

When you do decide to take the benefits, up to 25% can currently be claimed as a tax free lump sum. Due to changes in regulations from April 2015 there are now various options as to what you can do with the remainder. It is essential that you seek independent advice as this is a complex area and will affect your income and that of your dependants.  Please call Corrigans for advice. 
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