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A personal pension is also known as a private pension and is intended to create a second pension for the person involved. Personal Pensions are provided by pensions companies and give self-employed people, or those working for businesses without occupational schemes, a chance of financial security at the age of retirement. People who cannot, or do not, pay into an occupational pension scheme, may want to consider a personal pension. Contributions to a personal pension are dependant on income and the amount of contributions already paid to all other schemes. Personal Pensions can be paid as well as the basic State Pension.

Essentially, Personal Pensions are defined contribution schemes into which the holder pays a percentage of their salary (rising from a maximum of 17.5 per cent at the age of thirty-five or below to 40 per cent at the age of sixty or above). These payments then go into an investment fund, run by an investment or insurance company.

In April 2001, in a bid to make personal pensions a little more useful and exciting, the Government changed some of the rules. The main change is that you no longer have to be earning an income to contribute to a personal pension. Most people will be able to contribute up to £2,808 per annum to a personal pension, even if not earning and income. On top of this, the Government will add a contribution calculated using the basic rate tax, making a total of £3,600 per year.

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