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What Is An Individual Pension Plan?

When a person enters employment they are generally offered the chance to join a company pension scheme.

These types of pension plans have great benefits to the employee and it is well worth joining to begin saving towards retirement. However, as a pension fund will be the main source of income in retirement, more people are looking towards individual pension plans as a way to further boost their funds.

An individual pension plan can be a great thing to have and can be set-up either through an employer or by speaking to an independent pension's adviser. There are several different types of individual pension plans available:

Personal Pensions

If you are self-employed, or are someone that has a tendency to move between jobs on a regular basis, a personal pension plan can be of great benefit. This type of individual pension will allow you to continually add to the fund regardless of your current work place or situation. Personal pensions are typically flexible and people can generally increase or decrease contributions depending on salary or make lump sum payments in to the fund. It may also be possible to receive a contribution from your current employer, although this is something that will have to be negotiated with them.

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Stakeholder Personal Pension Plans

The government are keen to ensure everyone has plans in place to save towards their retirement, and to provide workers with the option of a pension, they introduced stakeholder pensions. Any company that has five employees or more is obliged to offer a stakeholder scheme, giving the opportunity for staff members to contribute some of their salary towards their retirement income. Employers are not obliged to make contributions on behalf of the employee, but the employee can take the pension with them should they leave the company.

Individual pension plans can be extremely lucrative and contain many benefits; however, like many other pension plans they are also subject to various legislation and ever-changing regulations. To see whether an individual pension plan is suitable for you, it is recommended that you seek advice from a professional independent pension's adviser. By taking into account your personal circumstances (how close you are to retirement, how much you are able to save, etc.); they can use their expertise to advise you of the best way to progress and work towards a financially secure retirement.

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