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How do I find the right Pension Scheme? – Pensionfinder

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    How do I find the right Pension Scheme?

    With all the pension scheme options out there on the market it can be difficult to know which is the right pension scheme for you. Part of the difficulty derives from the multiple factors involved in your decision. It depends on what you are looking for the cheapest fees, largest variety off funds, certain provider etc. Ill start this piece how I am going to end it later, by saying that a pension is probably one of the largest purchase decisions you will ever make so it is prudent that you take financial advice from someone qualified to give it. Having said that I will now outline some of the benefits of stakeholder schemes, personal pensions, SIPPS and SSAS.

    Stakeholder Pension Schemes

    Stakeholder schemes were introduced in April 2001, as an additional option for people to supplement the basic state pension. They are designed primarily for those that have no access to a company pension scheme and want a low cost pension supplement. The Government goal with the schemes was to provide an easy to understand pension with capped charges. This makes them low cost and a popular choice for people in the £10,000 to £20,000 per annum income band.

    Personal Pensions

    Personal Pension schemes have far more fund choice than stakeholder schemes. If you invest through an Independant Financial Adviser you should have access to thousands of funds all over the world, Personal pensions may be suitable for:

    * self employed people
    * people who are not working but can afford to pay for a pension
    * employed people who do not have access to a company pension scheme
    * employed people who have chosen not to contribute to their company pension scheme
    * employed people who wish to top up the income they will generate through their company pension sheme

    A personal pension may not be the best choice if:

    * your employer offers a company pension scheme
    * your employer offers access to a stakeholder pension scheme, with an employer contribution

    Self Invested Personal Pensions (SIPPS)

    The Self-Invested Personal Pension (SIPP) is often called a wrapper for investment assetts. It provides a tax efficient vehicle through which to save for retirement. It also offers an individual complete control over the management of their assetts. People generally choose a SIPP for this flexibility and control, possible increased tax benefits, and lower charges than personal pension plans. SIPPS are no longer only for the highest earners, and increasing numbers are taking up SIPPS. A word of warning- it is important to take advice to make sure you are doing the right thing with your money.


    For small businesses a SSAS can sometimes be the best pensions vehicle to build up income tax efficiently. This type of pension scheme can make loans, or borrow to purchase assets such as commercial property, invest in a wide range of investments, and at retirement provide 25% as tax free cash as well as pay an income.

    Just this brief intro to some of the options illustrates that choosing your pension vehicle, no matter the funds, is not always an easy process. Our advice is always to seek Independant Financial Advice to help you get into the right Pension Scheme.