Pension Transfer Uk
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UK Pension Provision - UK Pension Provision falls into three major divisions:
Pension simplification (UK) - In 2004 the Labour Party government announced plans to rationalise the British tax system as applied to pension schemes; these changes are referred to as pension simplification. The aim is to reduce the complicated patchwork of legislation built-up by successive administrations which act as a barrier to the public when considering retirement planning.
Stakeholder pension scheme - Stakeholder pension schemes were introduced in the UK by the Labour Party government in 2001 to encourage long term savings in relation to retirement. Stakeholder pension schemes are personal pension schemes which meet CAT standards (Cost Access and Terms) imposed to reduce costs traditionally associated with saving for retirement.
Self-invested personal pension - A Self-Invested Personal Pension (SIPP) is an arrangement within a UK personal pension scheme in which the scheme member has the power to direct how the contributions are invested. (Source: HMRC)
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