Three of the best personal pension schemes in the UK

Three of the best personal pension schemes in the UK

If you’re planning for retirement, there are three pension options that can help you enjoy your later life to the max.

The first one is a state pension available to those of retirement age (between 62-65 for women and 65 for men) who have made at least 30 years of National Insurance payments.

The second is a workplace pension made up of contributions from your salary, your employer and the government. These are then invested with the view of making more money for you to retire on.

The third option is a personal pension. Like a workplace pension, money is invested with the hope it will increase in value and give your pension pot a boost.

The main difference, however, is that you get to choose the provider with whom you want to invest allowing for optimum flexibility.

That said, with many banking groups and financial service providers offering excellent personal pension schemes it can be hard to know which one to choose, so here’s a closer look at three of the best.

Personal pensions from Nutmeg

Based in the UK, Nutmeg is a multi-award winning business that stands out in the financial world for becoming the first online discretionary management company in Britain. They have the expertise and know-how to build portfolios which meet their clients’ needs and as well as offering products such as stocks and shares ISAs they also have a personal pensions scheme (currently available to existing customers but soon to be rolled out to everyone).

This promises the tax benefits of a regular pension as well as access to financial professionals and an online management service which allows you to monitor your investments from anywhere.

Here’s what some of Nutmeg’s customers had to say:

  • “Nutmeg have taken away the burden of managing my money. I feel safe. With Nutmeg, I have an expert investment team.” Fergus, chartered accountant 
  • Refreshingly new approach to #investment by @thenutmegteam – definitely the ones to watch out for!” @chveiga

Aviva

If you don’t want to rely on just a state pension to fund your later retirement and decide a personal pension is the right option for you, Aviva could be just the company to help you out. As a leading provider of life and personal pensions, this British multinational cooperation offers a choice of over 250 funds from some of the biggest names in investment. What’s more you can choose from regular and/or one-off payments and can decide to stop, restart or change your payments as you please.

Here’s what some of Aviva’s customers had to say:

  • “I have all my pension savings with Aviva who provide up to the minute valuations and also good modelling that allows me to understand how much I can expect to receive when I retire. The website is easy to use and access from any secure site. They offer all the top investment companies to invest in without giving any particular advice.”
  • “Customer service is excellent. I have always been given good advice, when speaking to them. The product was taken out many years ago when my husband was alive. He was advised by his financial advisor to apply to Aviva for his pension. When he was due to take it, they advised us clearly on the options available – we opted to take the pension on his life and spouses life – this has been a blessing, as he died ten years ago, and I am still able to receive the pension. Whatever your circumstances they will give you good advice about your options. They have been in operation many years, so you are able to rely on them.”

Virgin Money

Virgin Money know that thinking about your financial future and preparing for retirement is of paramount importance. That’s why they offer a straightforward approach to investing suitable for experienced and first-time investors alike. As well as being easy to understand and set up, Virgin Money’s personal pension schemes will allow you to stop, start, increase or decrease your payments according to your circumstances. What’s more, for every £80 you pay in the value will be topped up to a £100, giving you investment an immediate 25 per cent boost.

So here are some reviews of the services offered:

  • “Virgin Money! I have been with Virgin money, for about 15 years (at time of writing this review). They have always been good at looking, after my Pension. They give me 3 updates a year, in a simple format that I can understand. To date they been good to me! Give them a call on the phone & check Virgin Money, out yourself.”
  • “The application process was quick and easy. They have good promotional rates and the online account is easy to navigate to keep control of your finances. I have only had to call customer services once but had a good experience, not having to wait long to speak to someone and my query was dealt with quickly and efficiently.”