Stakeholder Pension

A Norwich Union Stakeholder Pension Plan is a flexible way of investing money that you can access and use when you retire. You also get all the tax advantages that only a pension can offer you.

• You can start your Stakeholder Pension Plan with as little as £20 and stop, start or change your payments as often as you like
• You get tax relief on your payments - we'll claim this back for you from HM Revenue & Customs and add it to your plan
• You can invest in one or more of our wide range of pension funds. Bear in mind that the value of investments can go down as well as up and is not guaranteed
• It's easy to get a quote and apply online

Putting you in control of your pension

A Norwich Union Stakeholder Pension Plan offers you the flexibility, value and control you need to help you fund the retirement you want.

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What is a stakeholder pension?

A stakeholder pension plan is a long-term investment that helps you build up a sum of money that you can then use to provide yourself with an income in retirement.

It's a tax-efficient way to invest because HM Revenue & Customs (HMRC) allows you tax relief on your payments into your pension plans up to £3,600 a year or 100% of your UK taxable earnings if greater. And you won't normally pay tax or National Insurance on payments made by your employer. However, bear in mind that the tax treatment depends on your individual circumstances and may be subject to change in the future.

Norwich Union Stakeholder Pension - how does it work?

The Norwich Union Stakeholder Pension is a flexible plan that allows you to stop, start or change your payments as often as you like with no penalty. You can start your plan with as little as £20 and then make one-off payments or regular monthly or yearly payments. You may be able to pay up to £3,600 each year into your plan, even if you have no earnings.

What are the benefits?

• You can choose to invest your money in one or more of the wide range of funds we have available.
• If you'd rather not choose the funds yourself, we'll help you by investing your payments using our Balanced Managed Lifestyle Strategy.
• You can currently take your pensions benefits at any time between the ages of 50 (55 from 2010) and 75.
• When you retire, you can usually take up to 25% of your fund as a tax-free lump sum.
• There's a maximum annual charge of 1% of the fund value each year, but if you apply online this charge is just 0.9%. These charges may reduce as your fund increases.

Is a stakeholder pension right for you?

If you're under 75 years of age and you want to save for a pension in a tax-efficient and flexible way, a stakeholder pension may be right for you. The plan is suitable for people who are employed, self-employed or not employed. You can also pay into a plan on behalf of your children or grandchildren.

If you're not sure whether it's the right plan for you, we can help you decide. Bear in mind, we can only advise you about our own range of products.

Other useful information

• Find the answers to some frequently asked questions
• Understand your attitude to risk and which funds might suit you best
• Use our pension calculator to work out your potential income in retirement
• Which pension is right for you? Compare the features of our pension plans

Get a quote and apply online

It's easy to get an instant quote and apply online for a Norwich Union Stakeholder Pension Plan

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