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Pension Products (Personal Pension (Group Personal Pension (Collection of…
Pension Products
Personal Pension
Basic rate tax relief at source
Group Personal Pension
Collection of individual personal pension plans
administrated by insurance company for employer
Defined Contribution
Self-invested Personal Pension (SIPP)
Wider range of investment option
Stakeholder Pension
1.5% max fund charge
No entry/exit charges
Minimum contribution can't exceed £20
Tax Relief/ Allowances
Annual allowance
£40,000
Reduced £1 for £2 over 150k
Carry forward
Lifetime allowance
Benefits taken
Over 1m
55% lump sum
25% income
Income tax
Highest marginal rate relief
£3600
100% UK earnings
Money purchase allowance
FAD/UFPLS taken
£10k MPAA
Occupational schemes
Defined benefit
Final salary/length of service
25% PCLS
Career average
Additional voluntary contributions (AVC)
Purchase additional years
Death benefits
Lump sum
Additional spouse/dependants pension
Defined contribution
Investment performance linked
Contributions paid
Additional voluntary contributions (AVC)
Additional tax relief
Crystallised funds
25% PCLS
FAD
Income drawn from fund
MPAA applies
Fund reinvested
Annuiity
Lump sum exchange income
Taxable lump-sum
Uncrystallised fund
UFPLS
Pension fund remain invested
Income/ capital lump sums
MPAA applies
Death benefits
Before retirement
Income
Lump sum
After retirement
Continuing scheme pension
Annuity post-death guarantee
Annuity protection lump sum
Workplace Pensions
Auto-enrolment
Eligibility
Not already in a workplace pension
Aged 22+
Under state pension age
Earn 10k+
Work in UK
Opt out
National Employment Savings Trust (NEST)
Support workplace pensions
max £4900 cont. per year
55 - 75 benefit age limits
Free-standing Additional Voluntary Contributions
Money-purchase fund
Seperate to empolyer
Provider tax relief
Wider range of investments
Employer not bearing costs