Our Personal Pension is designed to help you accumulate a sum of money which is then used to provide you with an income in retirement. It can accept payments from a variety of sources, including employer contributions and transfers from other UK registered pension schemes or overseas pension schemes approved by Old Mutual Wealth.
The money paid into your Personal Pension is invested as decided by you and your financial adviser, giving it the potential to grow over time. Once you turn 75 you won’t be able to make any further contributions into it. The Personal Pension is only available through financial advisers. Here are some more details you need to be aware of. If you wish to either :
- draw income from the value of the Pension after you've reached age 55; or
- continue to hold the value of your Pension beyond age 75
you will need to transfer the value to another registered pension scheme either with Old Mutual Wealth or another provider. There will be no charge applied to your Plan value when you do so.
- The Personal Pension, as part of a registered pension scheme, is a long-term investment. You won’t be able to access the money until at least age 55.
- As with any investment product, the value of your Personal Pension could go up or down. It could be worth less than you paid in.
- You, your employer or both of you can pay into the Personal Pension, to top up any contributions that are being made to a separate workplace pension scheme that you may be a member of. The Personal Pension can't be used as a workplace pension scheme.
- It can accept transfers from other UK registered pension schemes or overseas pension schemes approved by Old Mutual Wealth.
- It can only be used to accumulate pension savings. If you want to take a pension income from it, you will need to transfer the value to another registered pension scheme with Old Mutual Wealth or an alternative provider.
The value of your Personal Pension, if die before drawing the benefits, can normally be paid as a tax-free lump sum, without attracting any Inheritance tax liability, to the beneficiaries you choose. It also provides an option for those beneficiaries to instead have the capital value held in a beneficiary pension account in their own name, from which they can draw capital at any time free of tax. For them to use this option they will have to transfer the value to another registered pension scheme, either with Old Mutual Wealth, or another provider.
If you invest in an Old Mutual Wealth Personal Pension , you will get access to our investment technology enabling you and your adviser to hold, monitor and manage your Personal Pension - and any other fund-based investments you have with Old Mutual Wealth. So as your circumstances and goals change, you can change the investments held in your Personal Pension accordingly
The content of this site does not constitute investment advice and should not be construed as such.