Wesleyan Assurance Society has launched a personal pension plan aimed at the self employed and emplo...
Wesleyan Assurance Society has launched a personal pension plan aimed at the self employed and employees who are not members of a company pension scheme.
The personal pension aims to offer investors flexibility in terms of contributions, retirement options and benefits. Individuals can decide exactly how much they want to invest and how often. Contributions can also be halted and started again at no extra cost.
This will be subject to Inland Revenue rules, which restricts this to one month for regular premium pension policies, and minimum investment limits.
The annual management fee is based on the value of the pension and will be a single annual payment. The annual management fee for pensions with a value up to £24,999 is 1.25%. This decreases to 1.00% for funds worth from £25,000-£49,000. A pension fund worth £50,000 and above will be charged an annual management fee of 0.9%.
Wesleyan Assurance Society will also be reducing charges for existing pensions policyholders in the next few months.
Jim Macdonald, managing director at Wesleyan, said: "We believe pensions are one of the most important investments an individual can make and that they should seek financial advice to ensure they choose the right one."
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