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product icon Personal Pension

An individual personal pension designed for clients who want a flexible pension with a wide range of investment choices.

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The Personal Pension is an individual pension plan for clients who want to make regular or one-off payments. Easy to set up and simple to manage, it’s a great first step into the world of pensions for many clients.

Reasons to choose the Personal Pension

  • Over 200 funds to choose from, including the With-Profit Fund.
  • Clients can invest regularly or make one-off payments. Minimum amounts start from £200 a month, or £10,000 initial payment, or £10,000 initial payment plus regular investments from £20 a month.
  • Phased Switching option, to help prepare your client's pension pot for taking their retirement benefits.
  • Clients can change, stop and restart payments as it suits them.
  • Accepts payments from employers.
  • No upfront charges for setting up this pension plan. There is an annual charge based on a percentage of your client’s pension fund.
  • Simple charging structure of 0.70% per annum, reduced when the fund value is £20,000 or greater. Some funds will have additional charges, please see our Fund Centre.
  • Flexible range of adviser charge options.
  • Offers pension freedom access: full and part UFPLS and flexi-access drawdown (single income withdrawals only).

Read the Personal Pension Key Features

The value of the pension pot can fall as well as rise and could be less than invested

Figures at a glance





Age limits

Min age


Available from birth.

Max age


Must start taking benefits before age 75.


Min term

  • Regular payments: 5 years
  • Single payments or transfers: 1 year


Payment limits

Min regular payment to start plan

£200 a month
£2,400 a year

These amounts include tax relief.

Min single payment to start plan

  • £10,000, or £20 per month (£240 a year) with a single £10,000 payment

  • £1,000 if the regular payment is £200 a month, or £2,400 a year or more.

Min increase in regular payments

£20 a month or £240 a year

Clients can increase their payments at any time.

Min additional single payments


Min automatic annual increase


Automatic increases will be at the Average Weekly Earnings Index, subject to a minimum of 3% and a maximum of 15%.

Max automatic annual increase



Type of charge



Annual fund charge

0.7% per annum

The percentage shown is the annual total. This charge is taken on a monthly basis, by cancellation of units from the individual plan.

Large fund discount

0.3% max

Reduces the amount of the Annual Fund Charge. The amount of the discount depends on the fund value of the Personal Pension. Please see the table below.

Additional yearly charge


Some funds have an additional yearly charge - the amount will vary by fund.

Fund manager expense charge


Some funds have an FMEC - the amount will vary by fund

 Total Additional Yearly Charge  % The total sum of any Additional Yearly Charge and/or FMEC

Charging structure

Fund size

Large fund discount

Annual fund charge 

£0 - £20,000



£20,000 - £49,999



£50,000 and over



Take a look at the adviser charge options for our Personal Pension

  Who may the Personal Pension be suitable for?

  • Clients who can make regular payments of at least £200 a month or an initial single payment of at least £10,000.
  • Clients who want a wider investment choice than a stakeholder pension offers.
  • Clients who want the flexibility to stop, start or change payments with no penalties.
  • Clients who qualify for tax relief on pension payments.
  • Clients under 75 years of age.
  • Clients who are permanent UK residents.
  • Clients who want access to pension freedoms. 

Other considerations

You may also want to take these points into consideration:

  • current income levels
  • existing pension arrangements, including company schemes
  • state benefits
  • target level of disposable income in retirement
  • anticipated retirement date
  • required range of fund choices
  • the value of your client’s pension plan may go down as well as up and may be worth less than has been paid in
  • the future basis and rates of tax may vary
  • the tax relief available will depend on your client’s personal circumstances.

Adviser charge options


Initial advice charge 

Ongoing advice charge

Available on which payment types? 


Single, transfer or income drawdown


Regular, single or transfer


Spread. You can specify either a number of months or an end date.


Spread. You can specify a number of months, an end date or the whole plan term. 





Calculation method 

£ amount 

£ amount 

£ amount per month or % a year.

Extra information


Available for each new regular payment arrangement added to the policy.

Adviser charges must start from the date of the first payment of the new arrangement.

Charge must be less than the payment.

The value of the charge taken from the policy is the same as the amount paid to the adviser each month (i.e. on a 1:1 basis).

Policies can have multiple initial adviser charge arrangements. 

Available for each payment arrangement added to the policy or upon accessing tax-free cash and designating to income drawdown.

Adviser charges paid when we receive the payment, or when income drawdown funds are created.

The value of the charge taken from the policy is the same as the amount paid to the adviser (i.e. on a 1:1 basis).

Policies can have multiple initial adviser charge arrangements.

You can add ongoing adviser charges to policy at any time, without a new payment.

You can defer the start date for an ongoing adviser charge until a specific date.

We calculate percentage charges every month as a percentage of the total fund value. We can agree these values in 0.01% steps. 

The value of the charge taken from the policy is the same as the amount paid to the adviser (i.e. on a 1:1 basis).

We can only pay one ongoing adviser charge from the policy at any one time.

We can only pay this charge to the servicing agent.

Useful documents and links

Do you need more information on our Personal Pension? 

Download our product literature:

Personal Pension fund guide

Key features of the Personal Pension

Contact us

You can find contact details for each product area in the drop-down list:

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