BUSINESS INFORMATION SHEETS > HUMAN RESOURCE MANAGEMENT > PENSIONS > Personal pension schemes (HR 8)
Helping yourself
The basic state pension, for an individual, is currently £67.50 per week.
At the moment, the main option for individuals who are not in a company (or 'occupational') scheme is a personal pension. New stakeholder pensions, designed to be simple, secure and low cost, will be available from April 2001, and 'pre-stakeholder' schemes, with similar charges, are available already.
Tax relief, and in some cases, National Insurance rebates, will boost the amount you can invest in pensions. But if your scheme has high charges or performs badly, you could be left with a greatly reduced pension, so you need to do some research. Charges are likely to come down with the introduction of stakeholder pensions.
This briefing explains:
- Who should take out a personal pension.
- The tax breaks.
- How much to pay in.
- How to choose a scheme.
- Where to go for advice.
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