Setting up a private pension with Raindrop
Give yourself the pension plan you deserve with Raindrop's flexible and simple private pension scheme. Open your pension plan in under 10 minutes.
What is FSCS?
What is a private pension and how does it work?
A private pension - or personal pension - is a scheme that helps you save for your retirement.
Private pension schemes are simple as they are defined contribution schemes. You can make single or regular monthly contributions to your pension scheme and these funds are invested for you. The value of your pot is based on how well these funds have been invested for you.
You are currently able to start receiving a retirement income from your pension once you reach 55. If you'd like to wait a bit longer and contribute a bit more, it's okay too. You can receive your pension whenever you're ready.
A private pension is a common personal pension plan amongst the self-employed and people who'd like to save in an extra pot besides their workplace pension.
Start saving in a pension pot too with Raindrop.
4 simple steps to a stress-free pension, in under 10 minutes
Estimate your pension
By entering the following details into our pension calculator, you can estimate your pension value for when you retire. You've got total flexibility - so you can try out a few different scenarios, with different monthly contributions and retirement spendings.
Date of birth
Target retirement age
Expected monthly pension contribution
Pick a plan
As soon as you're comfortable with your estimated pension value, you can pick an investment plan that will help you reach your retirement goals.
The BlackRock® funds that we offer, specifically for UK pensions, are designed to adapt and optimise as you get nearer to retirement.
The Legal & General fund we offer, allows you to invest in companies from developed countries that demonstrate good environmental, social and governance (ESG) efforts globally.
Verify your identity
We'll then ask you 5 simple questions. This is simply to verify your identity and set up your account.
National Insurance number
Open with as little as £1
Once we've verified your identity, all that's left is to open your Raindrop account. You can open with just £1 to get going, and you can, of course, top-up and change your monthly contributions at any point.
Choose Raindrop and have peace of mind.
We arrange a secure and flexible private pension for you. Raindrop's private pension plan is quick and easy to set up. Managed by BlackRock® and Legal & General, your pension savings are in safe hands.
You can contribute as much or as little as you want, whenever you want. Life plans can change; you can amend your contributions any time, anywhere. Just hop onto your digital dashboard and take control of your financial future.
We pride ourselves on the customer care we provide for you. Your dedicated pensions assistant is there to support you every step of the way in your pension journey with us.
Raindrop's private pension plan doesn't break the bank. We are a low-cost service that mainly focuses on helping you save for your retirement and have peace of mind. For a start, we only require a £1 initial contribution.
We’ll never leave you high and dry
Our customer support team is rated 'Excellent' and is always on hand to help you during the setup process and once you have your new pension. There are 3 ways you can contact us:
Log in to our website and chat to us
Email us on firstname.lastname@example.org
Call us on 02039517253
Everything you need to know about Raindrop’s Pension finding and combining service
It is not possible to withdraw your private pension before 55.
However, if you're able to prove that you're no longer able to work and make an income due to poor health, you may be able to receive your pension early.
The amount you could get depends on your pension provider's terms and conditions.
Private, or otherwise known as personal, pensions are made for the self-employed.
They offer self-employed the opportunity to save for a pension the same way employed people save in a workplace pension scheme.
There are various pension schemes that offer a private pension to self-employed workers. Raindrop's private pension scheme is managed by BlackRock and Legal & General, safe funds for your peace of mind.
It depends on the type of pension you're saving in and the age you die.
Private and personal pensions are defined contribution schemes, meaning that you contribute monthly and the funds are invested for you.
- If you die before you turn 75 and haven't taken an income from your pension, your beneficiaries are able to receive your pension tax-free. They can choose to receive it as a drawdown, lump sum or purchase an annuity with the funds.
- If you die before you turn 75 and have already taken a retirement income from your pot, your beneficiaries will receive your pension based on how you receive it.
- If you die after 75, your beneficiaries pay tax on any income they receive from your pension, at their Income Tax rate.
You can find more information on this resource.
There are many who choose to defer and not receive their private pension once they reach 55. Many decide to continue working and contributing to their pensions as well, until they decide to retire in their own time.
In other words, you are not required to retire at 55 if you don't want to. You retire when you feel ready.
If you are thinking about taking your pension benefits, you may want to talk to PensionWise, a free service set up by the UK Government that provides free and impartial information on the options open to you.
Contributions to your private pension depend on the terms and conditions of your pension provider.
Some providers require an initial minimum contribution to open the pension account, others require a low yet monthly contribution to the pension.
Make sure you understand the contribution requirements before registering for a private pension plan.
Raindrop's plan is flexible, as it was created with our customers in mind. We require an initial £1 contribution to open your account with us. Pension contributions to your plan are arranged by you. You can contribute as much or as little as you can, whenever you want.
A worry-free private pension made for you.
We not only offer a private pension plan but we also offer a pension transfer service.
Your dedicated pensions assistant will find your old pensions and transfer them into one pension plan. You will have full access and visibility of your hard-earned money anytime, any day, anywhere.
Start your pension journey with us.