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Personal Pensions

Ensuring a financially comfortable old age is something that has to begin much sooner than many people estimate. It’s never too early to start investing in order to protect your future.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Personal Pensions

With a personal pension, you pay money into a pension fund; this is provided by financial institutions with professional fund managers who then invest money on your behalf so that it has the potential to grow in value (though it’s important to note the value of your pension fund can go down as well as up and may be worth less than has been paid in).

When you retire you can normally take up to 25% of your fund as a tax-free lump sum and use the rest to provide an income. Tax rules may change in the future.

Self invested personal pension

A self invested personal pension (SIPP) could be right for you if you are experienced and confident in making your own investment decisions. This type of pension allows you to build up a tax efficient fund, and allows greater investment choice and flexibility than most personal pensions. With a SIPP, you can choose and switch between a range of funds and permitted investment types- allowing you to meet your own investment goals.

Unlike a personal pension – when you take your benefits from a SIPP you can normally take up to 25% of your fund as a tax-free lump sum, before using the rest to provide an income.

However, much like a pension fund – the value of your investment can decrease as well as increase, and the value of the pension fund may be worth less than has been invested.


You can purchase an annuity with your pension savings to provide you with a guaranteed income for life.

Once you have bought an annuity it cannot be changed and therefore, it is extremely important to understand the different annuity options to help you choose what’s right for you.  Since you can use your pension money to buy an annuity from any provider, it pays to research your options thoroughly to ensure the right annuity for you.

Income Drawdown

Unlike an annuity, with income drawdown your money remains invested but you’re able to take your pension income directly from it. This is the most flexible way to take your pension benefits, although it may not be suitable if you seek the security of income that an annuity offers.

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