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The Stakeholder Pension is a personal investment for pension purposes with charges limited by government regulations. Introduced to the United Kingdom in 2001, the Stakeholder Pension can be bought from a commercial financial services company, such as a bank, insurance company or building society. Other organizations such as trade unions may also offer stakeholder pensions to their members. You can approach a stakeholder pension provider direct about starting to contribute to a stakeholder pension. Stakeholder pensions are low-charge pensions meant for people who do not have access to an occupational pension or a good-value personal pension to save for their retirement. You use your own money to build up your pension fund. Your stakeholder pension scheme manager or trustees will put your contributions into investments such as stocks and shares for you. When you decide to take your pension or retire, you will use your fund to buy a pension from a pension provider.
Stakeholder pensions must satisfy a number of minimum government standards to ensure that they offer value for money and flexibility. These standards include:- A stakeholder pensions scheme cannot charge more than 1% a year on the value of each member's funds. The charges are taken from your fund.
- Members must be able to transfer into or out of a stakeholder pension, or stop paying for a time, without facing any extra charge.
- All stakeholder pensions schemes must accept contributions of £20 or more, though some may accept lower payments.
- Stakeholder pension schemes must be run in the interest of their members, and will either have trustees or they will be run by a scheme manager.
Pension Advice
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- Pension Companies
Allow the pension companies to bid against each other for your business.. - Personal Pensions
Contribute to a personal pension plan in addition to your state pension. - State Pensions
Learn about how much to expect related to your national insurance contributions. - Pension Service
Take the groundwork out of keeping up with the latest pension developments. - Stakeholder Pensions
Make a personal investment for pension purposes or get a stakeholder pension through your union. - Pension Transfers
Avoid pension transfer charges when changing jobs or transferring pension schemes.