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Here is a list of the types of pension that may be available to you:

Basic State Pension:

Funded by your national insurance contributions made throughout your working life. The state pension age is currently 65 for men and between 60 and 65 for women depending on when born. It will increase gradually to age 68 in the future.

Available to anyone with an adequate national insurance contribution (NIC) record but this is reduced proportionately where the individual has not been able to meet the NIC requirements for a full pension . Whilst benefits are higher for married couples their individual NIC contributions record will affect their pension entitlement. It is possible that you may not even get a state pension if you have paid less than the minimum level of national insurance contributions.

Additional state pension formerly SERPS (state earnings related pension scheme):

To ensure that low and non earners, such as carers receive a supplementary pension to enhance their basic state pension. And also to encourage high earners to move to privately funded pension arrangements.

Stakeholder Pension:

A personal pension with a maximum initial management charge of 1.5%.

You can choose where your monthly or lump sum contributions are invested within the fund range offered by the pension provider. You can also choose your retirement age from age 50 to age 75. You are entitled to tax relief on your contributions.

Personal Pension:

Similar to the stakeholder pension but initial management charges may be higher. The provider may provide a much broader range of investment funds . You can also choose your retirement age from age 50 to age 75. You are entitled to tax relief on your contributions.

Self-invested personal pension (SIPPS):

This is no more than a variation on the personal pension plan with the same contribution limits and tax rules and can be used by high earners to top up occupational schemes . SIPPs also offer a wider range of investment opportunities.

SIPPS can broadly be broken down into the following three catagories;

Full SIPP: this offers the widest range of investment opportunities which include direct investment in commercial property and individual listed securities in the UK and overseas.

Hybrid SIPP: these are offered by an insurance company offering a choice of that providers insured funds and non insured investments . Often the hybrid SIPP provider will stipulate a minimum contribution level to the insured funds.

Deferred SIPP: this type of SIPP is a personal pension written under a SIPP trust with lowers charges than those applying to a SIPP.

Transfers to and from overseas pension schemes.

If you are considering leaving the UK to work ( or retire ) permanently abroad, or returning overseas after working in the UK for a few years, it is possible to leave your benefits in your UK pension arrangement, but it is also possible to transfer your benefits to an occupational scheme or individual pension type arrangement in the other country.

Transfers from a UK pension scheme to a qualifying recognised overseas pension scheme (QROPS).

A QROPS scheme must meet strict requirements and approvals and you should contact us at for advice on this type of scheme.

If you are considering working permanently in the UK having previously worked permanently abroad it is possible to transfer your overseas pension arrangement to a registered UK occupational scheme or registered individual arrangement.

As with all pension type transfers the financial services authority (FSA) have strict guidelines on giving advice and you should contact us at for further information.

Who Provides Pensions.

An insurance company.

A unit trust scheme manager.

A building society

A bank

An EEA investment portfolio manager

An authorised open-ended investment company

An operator, trustee or depository of a recognised European
Economic Area (EEA) collective investment scheme.

The government


To discuss your pension arrangements.

Contact Derek Brownie on

01442 347904

or email

Click here for online callback service.



Insure Your Loan Payments


Melwoods Chartered Certified Accountants


10-12 Lawn Lane, Hemel Hempstead, Herts HP3 9HH
Tel 01442 347850; Fax 01442 347801

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