For those of you who are thinking about planning for your retirement, you will need to do a bit of research on pensions to find the best way to save for your future retirement. This article is about stakeholder pensions and will explain a bit about them and how they work.
So first of all what is a stakeholder pension? Well it is not a new kind of pension so to speak, but it is a personal pension which has a set of conditions under which it must operate in order to be called a stakeholder pension. It is not limited to being a personal pension as it can also be a set of conditions which applies to a money purchase occupational scheme.
The purpose of the set of conditions is to make the pension simple, easy and good value for money. So what are the set of conditions that apply to stakeholder pensions then? Well here are the minimum standards that apply to it:
1. The charges must be low at around 1% of the fund invested each year.
2. It must be designed to be simple which is done by having a standard investment option so that you do not have to choose the investments yourself.
3. It must be portable, meaning that you can transfer the stakeholder...
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