Types of pensions

Personal pension

Types of pensions

Personal pensions are savings plans that can be set up by an individual to ensure they have enough money in retirement. They are a type of private pension, are contract-based and are always defined contribution scheme which means that the amount available at retirement depends on your contributions and how your investments performed.

There are three sub-types of personal pensions: regular Personal Pension (PP), Self-Invested Personal Pension (SIPP), and Stakeholder Pension (SHP), all of which are contract-based schemes.

Group personal pensions

Personal pensions are a contract between an individual and a pension provider but an employer may also arrange for group personal pensions for their employees; while the pension was arranged by the employer, it still remains a contract between the individual and the pension provider.

Group personal pensions can be: Group Personal Pension (GPP), Group Self-Invested Personal Pension (GSIPP), or GroupStakeholder Pension (GSHP).

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